The right of redemption is the right of a debtor, whose property has been foreclosed upon and sold, to reclaim that property if they are able to come up with the money to repay the amount of the debt. In other words, the right of redemption is simply the right of the foreclosed homeowner to buy the home back from the person who bought it at foreclosure.
Florida law provides a right of redemption in which a foreclosed homeowner can redeem the property and avoid losing the home. If foreclosure redemption is applicable, the foreclosed homeowner must pay the “redemption price”, generally the outstanding balance on the mortgage, as well as any and all costs incurred during the foreclosure process before reclaiming the property. If you want to exercise your right of redemption in Florida to get your home back, you must pay off all that is owed in full.
In most states, there’s usually a defined window of time in which a homeowner can buy their home back after it’s sold. However, Florida has no after-sale redemption period. This means that you may have as little as a day to exercise this right because after the Certificate of Sale for a property is issued, there is no more right of redemption. Nevertheless, if you can prove that something went wrong or was shady with the foreclosure process itself, you may have a longer redemption period.
Your right of redemption is best acted upon with the counsel of an experienced Orlando foreclosure defense attorney. Call 407-883-2618 to get in touch with our Orlando foreclosure lawyers at The Freedom Law Firm today. Our foreclosure lawyers are experienced and want to help you stay in your home for as long as possible! We truly care about helping our clients!!