Redemption Period
What happens to a home that is foreclosed upon and the original owner exercises their ROR? What happens if the home has been sold to an individidual? Does the new owner have to relinquish the property? Is the new owner reimbursed any monies spent toward that property? Is the new mortgage cancelled? How does this work?
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Texas does NOT have a redemption period.
http://www.realtytrac.com/foreclosure_laws_overview.asp
ROR law may differ from state to state. In what state is the property located?
The property is in Texas
to my knowledge, there is no ROR on mortgage foreclosure in Texas... perhaps you mean TAX foreclosure?
I did hear of a 6 month redemption period - not sure which - but was unclear about how that works. If I purchased a foreclosure property, is there any provision for the owner to redeem the property?
Sounds like a wise thing to do. Thanks.