Redemption by United States
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Table of Contents
RED
Redemption by United States
Exceptions
REDX01
STG
12/01/1995
V
1
Redemption
Right of redemption for one year from _____________ in favor of the United States.
Comment: If the United States has a junior lien other than a federal tax lien, the United States may have a one year right of redemption after a judicial foreclosure. If the superior lien is foreclosed nonjudicially, the United States may assert a similar right of redemption even if state law does not create a right of redemption. This right of redemption will not exist after a nonjudicial foreclosure if the inferior lien is a HUD or VA loan.
Note: You may add additional local exceptions here. Please consult with our underwriting personnel in preparing appropriate provisions.
Comment: If the United States has a junior lien other than a federal tax lien, the United States may have a one year right of redemption after a judicial foreclosure. If the superior lien is foreclosed nonjudicially, the United States may assert a similar right of redemption even if state law does not create a right of redemption. This right of redemption will not exist after a nonjudicial foreclosure if the inferior lien is a HUD or VA loan.
Note: You may add additional local exceptions here. Please consult with our underwriting personnel in preparing appropriate provisions.