Is there any special redemption period after the foreclosure during which defaulted borrowers can buy the property back?
The right of redemption is a prerogative by which a party pays off a superior mortgage in order to protect its interests from extinguishment. Under Fla. Stat. §45.0315, the right of redemption may be exercised either by a redeeming owner or a redeeming junior lienholder at any time before the later of the filing of a certificate of sale by the clerk of court or the time specified in the judgment. Once the certificate of sale is issued, redemption is ordinarily precluded if the party asserting the right to redemption was not made a party to the foreclosure. With federal liens, as with other junior lienors, redemption requires the full amount of the first mortgage together with attorneys’ fees, court costs and accrued interest. When the U.S. government is in the position of a second lienholder, it must assert its right to redemption in the state foreclosure action filed by the first mortgagee, or the right is waived, even if the government has filed its own federal foreclosure action. Wi
