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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Right of Redemption and Deficiency Claims


The Right of Redemption is a time frame, typically 12 months, after the foreclosure sale during which the borrower can buy back the home. This usually means paying the final sale price, plus interest and attorney's fees.

The lender can also file a deficiency suit, a personal claim against the borrower for the balance not covered by the foreclosure sale. However, they can only sue for the exact difference between the sale price and the balance on the original mortgage.