During the foreclosure redemption period the lender or loan holder sometimes referred to as the mortgage holder in some states owns the property with the borrower until it is sold in a foreclosure. In each state it can vary based on local restrictions. It is important to do your homework when entering into foreclosure if there is any hope of you being able to bring your note in full or partial up to date or paid off.

During the foreclosure redemption period it is important to keep in touch with the lender who holds the security to your property. They will have the best handle on exactly where you stand with the ability to regain your property.

Each state has its own specific foreclosure terms that will affect the foreclosure redemption period. You can check with HUD and other government and state organizations to find out what the specific terms for your property will be. Foreclosure Terms can also differ from residential to commercial property and from 1st and 2nd lien holders.