What allows a property owner to reclaim title after a foreclosure sale?

The ability of a property owner to reclaim title after a foreclosure sale is known as statutory redemption. This legal provision allows homeowners a specific period, defined by state law, during which they can pay off the debt owed on the property and reclaim ownership, even after the foreclosure has taken place.

In Oregon, for instance, the right of redemption may extend for a designated period following the foreclosure sale. During this time, the original owner can effectively recover their property by paying the total amount owed, including any costs or fees that may have been incurred during the foreclosure process. This mechanism is designed to provide an opportunity for the homeowner to retain ownership despite the foreclosure, promoting fairness and sometimes acting as a deterrent against aggressive foreclosure practices.

The other options do not pertain to the concept of reclaiming title after foreclosure. Statutory intervention typically relates to legal measures that can impact property ownership or tenant rights but does not provide a mechanism for redemption. Statutory reassessment involves evaluation and adjustment of property values for tax purposes and does not relate to ownership recovery. Statutory conveyance generally refers to the formal transfer of property ownership through legal means but does not imply any reclaiming of title post-foreclosure.