After a lender initiates foreclosure proceedings against a homeowner, he has two rights to stop a foreclosure from happening: the right to reinstate his mortgage and the right to redeem, according to John Roska at The News-Gazette. The two steps to foreclosure in a court are the foreclosure judgement and the foreclosure sale.
If a homeowner chooses to reinstate, he has 90 days to catch up on missed payments. Alternatively, the homeowner can choose to redeem, or pay off the entire loan, explains John Roska.
The length of time a homeowner has to redeem is either equal to seven months after the lender served the last person or three months after the court settles on a foreclosure judgement, whichever amount of time is longest, states John Roska. A redemption period may take a considerable amount of time to expire due to a lengthy foreclosure process. Once the redemption period expires, a judge approves the sale of the home and confirms the terms of the sale. The sale of the home typically takes place as an auction at the court.
The now previous homeowner has 30 days to move out after a foreclosure sale is held and a judge approves the sale. If the homeowner remains in the home past the 30 given days, a sheriff may assist the foreclosure buyer by removing the previous homeowner and his possessions from the home, notes John Roska.