Draft a waiver of right of redemption. In the alternative, the home mortgage lender likely has a standard waiver form--either to fill out or to use as a template to draft a waiver.
Include in the waiver a concise statement that the property owner in foreclosure fully understands the right of redemption. Specifically state that she understands that she has a set amount of time to pay off the balance on the existing mortgage loan and all other fees, costs and charges and maintain ownership of the real estate.
Insert a clause that makes clear the homeowner in foreclosure understands that the waiver of the right to redemption is irrevocable.
Execute the waiver of right to redemption in front of a notary public. The homeowner signs the document.
File the waiver of right of redemption with the clerk of the court in which the foreclosure case is pending.
- "The Foreclosure Workbook"; Carla Douglin; 2007
- "Property Law: Rules, Policies, and Practices"; Joseph William Singer; 2006
- Realty Trac: Foreclosure Laws and Procedures by State
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