Redemption
Redemption timeframes vary from state to state in addition to other factors. Listed below are states with post foreclosure sale redemption periods along with redemption timelines.
|
| State |
Redemption Period |
Exceptions |
| Alabama |
12 Months |
Homeowner has to vacate property immediately following foreclosure sale, without an eviction, to preserve redemption rights. REO may sell property during redemption and homeowner is required to redeem from new owner. |
| Colorado |
75 days |
The redemption period for homeowners will be deactivated for new foreclosures as of 1/1/2008. |
| Kansas |
6-12 months |
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| Michigan |
6 months |
Redemption period increases to 12 months if the property is size 3 acres or greater, if the property is over 4 units and has not been abandoned, or if the amount due at foreclosure sale is less than 2/3 of the original principal amount. |
| Minnesota |
6 months |
Redemption period increases to 12 months if the property size is greater than 10 acres with additional limitation, the mortgage premises exceeds 40 acres, or if the amount due as of the date of the notice of foreclosure sale is less than 2/3 of the original principal amount. |
| North Dakota |
12 months |
Redemption period decreases to 6 months if the short-term mortgage redemption act is included within the mortgage agreement and the area covered is 10 acres or less and/or the amount owed before foreclosure sale is more than 66.6 percent of the original principal secured by the mortgage. |
| New Mexico |
9 months |
Redemption period decreases if the mortgager and mortgagee agree on a lesser timeframe, as long as it is at least 30 days. The court may increase redemption beyond 9 months for good cause. |
| South Dakota |
12 months |
If the tract is 40 acres or less and the mortgage contains a special power of sale clause, then the redemption period will only be 180 days. If the property is abandoned, it will be reduced to 60 days. Generally, unless the special short-term redemption mortgage provisions apply, all persons may redeem within one year of the date of sale. |
| Vermont |
5 months at least |
The borrower has a 1 year right of redemption from the date of the complaint but the foreclosure cannot be held sooner than 7 months after the complaint. |
| Wyoming |
3 months |
If the parcel is in excess of 20 acres and lies outside the exterior boundaries of an incorporated city, town or recorded subdivision (and is thus termed "agricultural real estate"), the redemption period is extended to be 12 months. |
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