Going through a foreclosure is a stressful situation for anyone. In Coral Gables, Florida, it’s important to know your options for retaining your home.
What is a right of redemption?
The ability for a person to stop a foreclosure of their property by paying the amount due is the right of redemption. The person who holds the interest may stop the foreclosure process by paying the amount specified by order, judgment or decree of foreclosure. The right of redemption can only stop a foreclosure in process. The person must pay what’s due plus the attorney fees of the creditor before the foreclosure completes. Payment must be before the time lapses; the person loses their rights once the time lapses or the clerk files the certificate of sale.
Right of redemption time limit
Florida has a brief period for a right of redemption during a foreclosure. All foreclosures move through the judicial system, and the court must approve all sales in Florida. The average foreclosure takes four to six months. The average time the court takes to approve a sale is 10 days. As a result, a person who holds property has a short window for filing a proper foreclosure defense and preventing their property from being sold to someone else.
Foreclosures can be exhausting and confusing because property owners need to follow the laws regarding their property type and the homeowners association regulations. A creditor that gains the property must follow these same laws and regulations. When individuals who want to avoid a foreclosure exercise their right of redemption, it may be possible to put a stop to the foreclosure process.