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How to repossess your home after a foreclosure

Texas residents may not be aware of state laws that allow a homeowner to regain ownership of a home after it has been foreclosed. The process is called statutory redemption, and it allows mortgagors to reclaim their property within a limited period if they are able to repay what the property sold for during the foreclosure sale. The period is typically one year and the homeowner must pay a lawful rate of interest to the sale purchaser of the foreclosure.

Often the process of statutory redemption begins after the homeowner makes a written request to the purchaser for a detailed statement of all charges that will be required to pay off and reclaim the property. The party that paid for the property in the foreclosure or the lender also has a limited amount of time, typically around ten days, to send the requestor an itemized statement of charges. In some cases, the mortgagor may be able to repossess the property while foregoing the redemption price or the cost of any associated improvements.

Mortgagors forfeit claim to the property if they are unable to pay the redemption price after filing the claim. In this case, the purchaser will acquire all rights and the title to the home. Under statutory redemption laws, junior lien holders also have the right to redeem; however, they must wait until after the mortgagor runs out of time to redeem the property.

Overall, the redemption process can range from 30 days to as long as two years. Sometimes if the property has been abandoned, state law may reduce the redemption period. Since the process to stop mortgage foreclosure can seem daunting because of regulations within statutory redemption laws, mortgagors may seek help from a bankruptcy lawyer to help assist with any legal aspects that are required.

Source: Findlaw, "Regaining Ownership After Foreclosure: Statutory Redemption ", December 23, 2014

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