Foreclosure
  Home page | About Brandon | Foreclosure | Contact Brandon | Favorite Links | Contribute | On The Issues | Realblog | Tax reform to stimulate our economy  

Foreclosure

          I committed to presenting legislation years ago that would have protected thousands of Nevadans from losing their homes to foreclosure and would have helped Nevada’s housing market not to crash as hard as it did and would have saved thousands of homes. I had the foresight to know a market crash was coming but it’s not too late. I will act now to help Nevada citizens keep their homes and help the housing market recover.


It is called the right of redemption

The right of redemption is the right of a property owner to redeem his or her real estate from foreclosure by paying the lender the outstanding principal and interest due, plus the lender’s costs in foreclosure, or to redeem foreclosed real property from whoever purchased it at the foreclosure sale.

Typically redemption rights are sold for amounts ranging from a few hundred to a few thousand dollars. In most cases, an owner facing foreclosure who sees no realistic way to either avoid the foreclosure or recover the property afterward will be happy to sell rights he never expects to use.

The redemption price is determined by a statutory formula and may be less than the property’s fair market value or the total preforeclosure debt on the property.

Explanation

After the sale (foreclosure auction) is over, you may still have the chance to get your house back if the house is sold by judicial foreclosure. It is different from the "right of reinstatement". The right of reinstatement involves bringing your note current. The right of redemption involves paying the "redemption price."

The right of redemption is purely statutory. This means that there has to be a specific law providing for the right. If there isn't a statute, there is no right.

If your house is sold under a deed of trust, the sale is done through the power of sale clause contained in the trustee’s deed. With the trustee’s sale, you lose your right to make any claim on the property and there is no right of redemption.

The Redemption Price

In order to redeem the house, the you must pay the "redemption price." This is generally the price paid by the purchaser at auction plus any taxes or assessments that are due, along with costs and interest.

 

States that have right of redemption laws:

Alabama (AL)

Alaska (AK)

Arkansas (AR)

Colorado (CO)

Connecticut (CT)

Idaho (ID)

Illinois (IL)

Iowa (IA)

Kansas (KS)

Kentucky (KY)

Maine (ME)

Maryland (MD)

Massachusetts (MA)

Michigan (MI)

Minnesota (MN)

Missouri (MO)

North Dakota (ND)

New Jersey (NJ)

New Mexico (NM)

Oregon (OR)

Rhode Island (RI)

South Dakota (SD)

Tennessee (TN)

Texas (TX)

Utah (UT)

Vermont (VT)

Washington State (WA)

Wisconsin (WI)

Wyoming (WY)

States that do not offer home owners the right of redemption:

Arizona (AZ)

California (CA)

Delaware (DE)

Florida (FL)

Georgia (GA)

Hawaii (HI)

Indiana (IN)

Louisiana (LA)

Montana (MT)

Mississippi (MS)

North Carolina (NC)

Ohio (OH)

Nebraska (NE)

Nevada (NV)

New Hampshire (NH)

New York (NY)

Oklahoma (OK)

Pennsylvania (PA)

South Carolina (SC)

Virginia (VA)

West Virginia (WV)


 



Elect Brandon Casutt to Assembly district 12.