A foreclosure means your lender is trying to take back your home. It occurs when you miss payments and do not fulfill your obligation under your mortgage agreement.
Throughout the process of foreclosure, you may have the chance to stop it and retain your home. The legal term for this is the right to redemption.
Definition
The right to redemption is your ability to pay costs and overdue mortgage payments to get your home out of foreclosure. You can generally do this during the process as long as the court allows. Once your home goes for auction, though, you generally lose the right to redemption.
Payments
You will likely have to pay more than just the missed mortgage payments. You will probably have additional fees and costs added on. You may have to pay court costs for the lender as well as your own court costs. You may also need to pay for the attorney fees associated with the case.
There is generally no option to make payments. You will have to come up with the money in full to end the foreclosure. Obviously, this can be challenging. For most people, there are alternative ways to avoid a foreclosure that may work better. But a payoff is always there as a choice when you get late into the process and still wish to save your home.
Stopping a foreclosure is a possibility at pretty much any stage of the process until you get to the end where the court holds the auction to sell it. This could be what you must do to stop from losing your home.
