15.3.2.090 Redemption

(a) There shall be a Right of Redemption available to a defendant-Borrower in a Mortgage Foreclosure Proceeding. The Redemption period shall extend

for sixty (60) days from the date that a judgment of foreclosure is entered against a Borrower.

(b) During the Redemption period, a defendant-Borrower of a mortgaged property, or their heirs, personal representatives, or assigns, may exercise the Right of Redemption by paying to the purchaser, or the purchaser's heirs, personal representatives, or assigns the following:

(1) The amount paid by the purchaser;

(2) Interest from the date of purchase at the rate of ten percent (10%) per year;

(3) All taxes, interest, and penalties thereon; and

(4) All payments made to satisfy, in whole or in part, any prior lien or mortgage not foreclosed, paid by the purchaser, with interest on such taxes, interest, penalties and payments made on liens or mortgages at the rate of ten percent (10%) per year from the date of payment.

(c) If the Lender is assigned the Borrower's Leasehold Interest, the Lender may subsequently sell or assign such Leasehold Interest without the approval of the Secretary, but only with the written approval of the Lessor.

(d) If HUD acquires the Leasehold Interest, it may transfer the same subject to the terms and conditions of the Lease and pursuant to applicable law.