Definitions for "REDEMPTION PERIOD"
The period during which a borrower may reclaim the title and possession of property by paying the debt it secured.
The time allotted to the mortgagor to reclaim his/her property after it has been sold at an auction. Not all states have a redemption period. Rarely works from a practical standpoint.
A time period during which a defaulted mortgage, land contract, deed of trust, tax deed, etc., can be redeemed. Such period is commonly provided by state statute.