This form is an Application for Release of Right to Redeem Property from IRS After Foreclosure. Check for compliance with your specific facts and circumstances.
This form is an Application for Release of Right to Redeem Property from IRS After Foreclosure. Check for compliance with your specific facts and circumstances.
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Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).
If your real estate was seized and sold, you have redemption rights. You or anyone with an interest in the property may redeem your real estate within 180 days after the sale. This includes: your heirs, executors, administrators.
After a property is sold at a sheriff's sale (foreclosure sale), there is a period of time referred to as the ?redemption period? during which you still have some rights. For most properties it is a six month period.
If the IRS tax lien is junior to the mortgage being foreclosed, the IRS tax lien will be foreclosed through the judicial sale and the lien on the property will be extinguished after the judicial deed is issued.
The right of redemption allows homeowners to keep their homes if they pay back what they owe even after their lender starts the foreclosure process or puts the home up for sale at public auction.