Reclaiming your property after a foreclosure is sort of a concept that a lot of people think about or have heard bits and pieces about but don’t really understand, so I’m going to try to clear up some of the confusion. The answer in some cases is yes. You actually can reclaim your property or redeem your property after a foreclosure. The scenarios where you may have a shot at getting your property back are on a Homeowner’s Association sale where you have 90 days as your right of redemption or on a tax sale where the county sold your property because of unpaid taxes you may have up to a year scenario to catch up to your taxes and get your property back.
However, the big question. If a mortgage company lender bank forecloses on your property because of an unpaid mortgage, you cannot reclaim your property. There is no right of redemption. There is no way to pay the back payments and get the property back. You could try to buy it from them or buy it from the new purchaser after the sale but there is no automatic way to get it back unless, of course, the sale was wrongful, they sold the property when they shouldn’t have. For example if you are in a loan modification review and the property was sold during that review, you might have something there to get the sale reversed or of course, if there is a court order.
If the court issued an injunction against the property being sold and the lender went ahead and sold it anyway, that sale would be void and you would get title back in that scenario as well. We’ve actually had that happen in my office but actually, it turns out well for the borrower because they get their property back and the lender has to go back to square one on the foreclosure process so it actually ends up buying them a heck of a lot of time. Anyway, I hope that addresses your question. Can you get your property back after foreclosure? If the lender forecloses, the answer is usually no unless you go buy it from them or the purchaser. If it’s a different kind of sale, HOA sale or Tax sale, then you may have a right of redemption and you may be able to get your property back.
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