What does this actually mean? Does this mean i cannot intercept the foreclosure process by getting the home owner up to date on his payments and hault this action…?
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Howdy Mohegan:
The right of redemption gives the homeowner the right to get the property back even after foreclosure. I am unclear myself if they can bring the loan current or must pay off the mortgage. I believe it would have to be all cash. Hope some foreclosure gurus can help here. In Texas there is only right to redeem after a tax sale.
If you pay the loan current the foreclosure is stopped and hopefully you will get a deed from the seller and will own the property. It would be subject to the mortgage unless you pay off the loan.
Hope this helps some. LOL