What is a Redemption Period?
A redemption period is a period of time in which a homeowner can reclaim their home after a foreclosure. In Oregon, a homeowner has a redemption period of 180 days after a “Judicial Foreclosure”. During this time period, a homeowner may have the right to reinstate with their lender. Homeowners Do Not have a redemption period after a “Non-Judicial Foreclosure”, which is the process that most banks proceed with in our state. Once a home has been non- judicially Foreclosed on in Oregon, it is absolute and final. In both situations, a homeowner can expect communication from their lender as to what the next steps would be. If a property is being rented out, tenants have the right to stay in the property until their rental agreement has expired. An owner that is occupying the property can often negotiate with their lender more time to vacate if the property does not sell on the County courthouse steps. If the property does sell on the steps, the new owner has the right to take over the property. It is important to consult a foreclosure attorney in these situations.