Using the Redemption Period After Foreclosure to Save Your Home
The actual process followed after the property is auctioned at sheriff sale will depend on which state the house is located in. Foreclosure procedures vary from state to state, but the trustee sale is generally the end of the line, or at least it is the step when ownership of the residence is given to the winner at the foreclosure auction.
There are a few different ways that debtors can postpone or stop the sheriff auction altogether, but unless they come up with a method to avoid foreclosure, the home will eventually be auctioned off. Then, state law outlines the time frame for moving out of the house or being evicted by the county sheriff.
A number of states, though, allow for a redemption period. A redemption period is time that foreclosure victims can depend on after the sheriff auction to stay in the residence and find some option to keep it, or pay off the amount owed and sell the home. During this period, they can even try refinancing, short selling, or any other possible option, in order to cure the foreclosure.