If you’re a homeowner facing repossession, you may be wondering what your options are and whether you have the right to remain in your home until it’s sold at auction. The good news is that in some states, homeowners have the right to “redemption” or “right of possession,” which allows them to continue living in their home until the sale is final.
But what exactly is redemption or right of possession, and how does it work?
Redemption or right of possession is a legal concept that gives homeowners the right to continue living in their home until it’s sold at auction, even if they are unable to challenge the repossession in court. This means that if your lender begins the process of repossessing your home, you may be able to remain in the home until the sale is final, provided you follow certain guidelines.
One thing to keep in mind is that redemption or right of possession laws vary by state, so it’s important to understand the specific laws in your state. In some states, homeowners may be able to redeem their home by paying off the outstanding balance on their mortgage before the sale is final. In other states, homeowners may only be able to redeem their home if they are able to negotiate a payment plan with the lender.
It’s also important to note that even if you have the right to redemption or right of possession, you may still be required to pay any taxes, insurance, or other fees associated with the property during this time. Additionally, you may be required to maintain the property and keep it in good condition until the sale is final.
If you’re facing repossession and want to know if you have the right to redemption or right of possession, it’s important to seek legal assistance. A knowledgeable attorney can help you understand your rights and options, and can assist you in negotiating a payment plan or challenging the repossession in court.
In conclusion, redemption or right of possession can be a valuable legal tool for homeowners facing repossession, but it’s important to understand the specific laws and requirements in your state. If you’re facing repossession, seek legal assistance to understand your rights and options.