Redemption
Getting a property back by paying the full debt: before a foreclosure sale, or in a few situations after it.
Redemption means paying off the whole debt, not just the missed payments, to keep a property or win it back. When people say a state "has a right of redemption," they usually mean a period after the sale when the former owner can still buy the property back. Here's how it works in Texas, Florida and California.
Texas: no general right of redemption after a mortgage foreclosure. Two exceptions: after an owners' association forecloses for unpaid assessments, the owner can redeem until 180 days after the association mails notice of the sale; and after a property tax sale, the owner can redeem within two years for a homestead or agricultural land (180 days for other property), paying the buyer a premium. How Texas foreclosure works
Florida: the owner can redeem by paying the judgment until the clerk files the certificate of sale, or a later time if the judgment allows. A tax certificate can be redeemed any time before a tax deed is issued, but not after the winning bidder at the tax deed sale has paid in full. How Florida foreclosure works
California: no right of redemption after a trustee's sale; it applies only to certain court-ordered sales where the lender can seek a deficiency. For tax-defaulted property, the owner can redeem until the close of business on the last business day before the tax sale. How California foreclosure works
For buyers, the takeaway: in all three states an ordinary mortgage foreclosure sale is usually final once it's complete. Texas tax sale and HOA purchases are the big exceptions to watch.
Related terms
Sources
General information, not legal advice. For your own situation, talk to a lawyer.