If our home went up for unpaid real estate tax auction last week, do we have a year to reclaim the house by paying the taxes and expenses?

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If our home went up for unpaid real estate tax auction last week, do we have a year to reclaim the house by paying the taxes and expenses?

A real estate agent told our pastor that we have a year to reclaim the property. We were given a vacate notice and have tried to reach the company that purchased the property. A lawyer talked to them today and said they would work with us to give us more time, etc but they don’t rent back. The property went to settlement but no one has contacted us about our share of the settlement money less the fees and liens that were on the property.

Asked on August 2, 2011 Virginia

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

What you are referring to is a right of redemption, which is the right to re-purchase your property back after sale.  In Virginia there is no right of redemption in a non-judicial foreclosure but there is in certain judicial foreclosure proceedings.  Then you have eight months I believe after the foreclosure to redeem the property.  Did the attorney that helped you give you the information on the status of the foreclosure and the type?  You need this information to negotiate anything here.  And yo should be getting information as to the amount of money that is left over  - the surplus - after all the encumbrances have been paid because yes, you should be entitled to it.  The attorney needs to write a lot of letters now.  Good luck.


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