Follow Up on Right of Redemption

follow up question on foreclosures and rights of redemption

Following last week’s publication of a Hot Line Question and Answer regarding the right of redemption, a couple of people inquired as to whether that right only applies to tax sales and not to bank foreclosures.
TO CLARIFY: Most of the time, the right of redemption is waived in a deed of trust, so if the bank were to foreclose and sell the property, the owner has waived his statutory right of redemption so that it is no longer applicable to him.
[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]

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