Loan Screens > Bankruptcy and Foreclosure Screen Group > Foreclosure, Repossession and Judgment Information Screen > Notices and Sale tab > Foreclosure/Repossession field group

Entry: User, date

F/M: Yes

Mnemonic: FCRMPD

Screen: Loans > Bankruptcy and Foreclosure > Foreclosure, Repossession and Judgment Information > Notices and Sale tab

Use this field to indicate the final date on which the redemption period expires on the customer loan account in foreclosure, if applicable.

The redemption period varies for each state and allows homeowners additional time to live in their property without the danger of being evicted. Your institution cannot continue with the foreclosure process during this period of time. The exact terms and length of time of the redemption period is determined by the state foreclosure laws, and not all states have a redemption period.