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What are redemption laws?

April 26, 2017Laws redemption

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What are redemption laws?

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Redemption laws allow the homeowner to pay back mortgage arrears and reclaim their house. There is a timeframe setup by the courts as to how much time you will have. But even if your home has been auctioned you can still reclaim it, if you can repay the total amount owed within the allotted time. Be aware though that not all states have redemption laws and that regulations differ from state to state.