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Do I have to pay rent during the redemption period on my foreclosed house?

No. There is no requirement for you to pay rent to you mortgage lender during the redemption period. You live rent free.

So, in making budgeting for the future – set aside the money that would otherwise be used to pay your mortgage and build up a “next egg” so that you have money to money. Once the redemption period expires, your rights in your former house are terminated and you can be evicted. Any anticipated problems can be eliminated with simple budgeting and planning ahead.

 

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