Home Foreclosures: 10.8.2.5 Redemption or Purchase by Group of Tenants
In certain states, tenants also have the right to redeem the property by paying the mortgage debt prior to the foreclosure or by paying the foreclosure sale price after the sale when state law provides a statutory right of redemption.712 While this right may appear at first to be of little value to most tenants, a group of tenants working together with a community group or government housing agency may be able to use the redemption right as a means to obtain mortgage financing to purchase the property.