What is a Right of Redemption

The right of redemption in the State of Alabama is a statutory right that may be exercised following foreclosure of real property in order to retake title to the property sold.[1] Alabama law permits redemption of real property by certain statutorily defined persons with an interest in the real property if the right of redemption is exercised within one (1) year following the foreclosure sale of the real property and is exercised according to the statutory requirements.[2] Since lenders are frequently purchasers of real property sold at foreclosure sale, this article will discuss the right of redemption in Alabama from a lender’s perspective.