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What is the CivilCode for mortgagor to redeem the property

Posted by Richard S. on September 12, 2008 at 12:39 AM

In Reply to: Re: Certificate of Foreclosure Sale - Subject to Redemption posted by Tom Brady on September 11, 2008 at 2:01 PM

Hi Tom,

Do you know what is the laws (code), etc about allowing the registered individual owner or mortgagor to redeem the property subject of foreclosure sale???

Ricgard

: The owner of a property subject to foreclosure sale can reacquire his or her property. The law allows the registered individual owner or mortgagor to redeem the property subject of foreclosure sale within one year after the sale of the real estate. The reckoning date of the one year period is the date of the registration of the certificate of foreclosure sale with the register of deeds. Juridical persons, who's property is being sold pursuant to an extrajudicial foreclosure will also have the right to redeem the property before the registration of the certificate of foreclosure sale with the register of deeds but no more than 3 months after foreclosure, whichever is earlier.
: Was that helpful?

: Tom Brady
: LIG Loan Modification Services
: www.LIGloanmods.com
: phone: 1-888-220-9787
: email: tom.ligloanmods@gmail.com



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