Foreclosure Definitions
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Default: The date of the first missed payment.
Reinstatement: Payment of past-due amounts, including all
accumulated costs and fees, bringing the account current. This
right is only available once every five years. The mortgagor has
the right to reinstate the mortgage within 90 days from the date
the mortgagor was served with a summons or is served by
publication or was otherwise submitted to the jurisdiction of the
court.
Redemption: Payment of the full principal balance, all
accumulated interest, fees, and costs. In the case of residential
real estate, the redemption period ends seven months from the
date the mortgagor was served with summons or by publication or
three months from the date of entry of the judgment of
foreclosure, whichever is later.
Special Redemption: A right of redemption that applies if the
purchaser of residential property at a foreclosure sale is the
mortgagee and if the sale price is less than the total amount of
principal, interest, costs, and attorneys' fees. Under those
circumstances, the mortgagor has a special right to redeem up to
30 days after the foreclosure sale is confirmed by paying the sale
price, all additional costs incurred by the mortgagee set forth in
the report of sale and confirmed by the court, and interest at the
statutory judgment rate from the date the purchase price was
paid.
Reinstatement: Payment of past-due amounts, including all
accumulated costs and fees, bringing the account current. This
right is only available once every five years. The mortgagor has
the right to reinstate the mortgage within 90 days from the date
the mortgagor was served with a summons or is served by
publication or was otherwise submitted to the jurisdiction of the
court.
Redemption: Payment of the full principal balance, all
accumulated interest, fees, and costs. In the case of residential
real estate, the redemption period ends seven months from the
date the mortgagor was served with summons or by publication or
three months from the date of entry of the judgment of
foreclosure, whichever is later.
Special Redemption: A right of redemption that applies if the
purchaser of residential property at a foreclosure sale is the
mortgagee and if the sale price is less than the total amount of
principal, interest, costs, and attorneys' fees. Under those
circumstances, the mortgagor has a special right to redeem up to
30 days after the foreclosure sale is confirmed by paying the sale
price, all additional costs incurred by the mortgagee set forth in
the report of sale and confirmed by the court, and interest at the
statutory judgment rate from the date the purchase price was
paid.
Doug Anderson, Real Estate Consultant
847.557.0106, ext. 110
doug.anderson@bluefence.com
847.557.0106, ext. 110
doug.anderson@bluefence.com
Reid Anderson, Real Estate Consultant
847.557.0106, ext. 134
reid.anderson@bluefence.com
847.557.0106, ext. 134
reid.anderson@bluefence.com