Navigating through your redemption rights in Johnson County is something we hope you never have to endure. However, our team at Cherry Park Properties would like to help you understand your options and what that means for your rights of homeownership. Continue through this article to learn more about your redemption rights and dig deeper into the terminology used.
Redemption Rights Period
A redemption period is known as the time after a sheriff sale in Johnson County designated to still allow you some rights. For most properties it is a six month period but, it can differ from house to house. If you have paid off more than 2/3 of your outstanding loan about, the redemption period can be extended, as well as if the property is deemed abandoned the period can be shortened. During this period, you may continue to live at the property and gain the right to sell or repurchase your property. Cherry Park Properties are experts in the business of purchasing rights of redemption in Johnson County.
During this period, you may continue to live at the property and gain the right to sell or repurchase your property
What you may do during this time is call upon the help of companies like ourselves who specialize in this industry. Cherry Park Properties, a residential real estate services company in Johnson County, is a leader in the industry providing options for financially challenged homeowners and lien holders. We provide mutually beneficial and profitable relationships while maintaining high ethical standards, sharing knowledge, expertise, and opportunities with our clients.
To sum it up, from the date of the auction the homeowner has 90 days, typically, to pay the amount bid at the sheriff’s sale and “redeem” the property. This process, called redemption, places the property back into the homeowner’s name free and clear of the mortgage that was foreclosed upon. During this time the owner has no obligation to pay the mortgage note and can list the home for sale or sell the redemption rights to another person or entity.
If you require foreclosure help in Johnson County, do not hesitate to contact us about how we can be of assistance. Our team is ready to help you navigate your experience with redemption rights in Johnson County and what you have earned as a borrower.