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Example 1

Sell your home at market value during the redemption period. If your home is worth more on the market that the amount set at the Sheriff's Sale, you may have equity! Fore example, if the Sheriff's sale set a price of $125,000, but your home is actually worth $165,000 on the market, that's a difference of $40,000! In this scenario, you would be able to keep these process, after the deduction of typical closing costs and real estate sales commissions. Yes, you would need to move out of the property, but you'll be walking away with CA$H in your pocket.

Example 2

If you do not wish to sell your home, you must pay the lender the total amount due according to the Sheriff's Sale amount, as well as any interests, fees or penalties that have accrued post - Sheriff's sale. In a nutshell, this means buying your house back - perhaps at a much lower amount than what you wed under your original mortgage. To accomplish this, you would need to be able to secure financing through another lender. Or, you would need to have the financial resources to come up with the money on your own. 

Note: If you do nothing during the redemption period, you will be evicted from the home after the redemption period expires. In this instance you will not be entitled to any equity.