It is either the federal housing administration or the department of housing of urban and rural development, if you will visit the website of any of them then you will definitely find so many rights that you can enjoy if you are aware of them. Foreclosure is not a joke. You are going to loose your property if you suffer from this. Hence even the government realizes that the foreclosure can affect some people’s health very badly. There are many rights which you have never come across.

Both he FHA as well as the HUD have their website and you will love visiting them. All the rights such as short sale have been explained in quiet elaborate manner and you should read them once. It is really your right to know about the foreclosure in detail and if you are suffering from some financial crisis then it is a must read article.

I would like to list some of the rights for you which you should really know. They are as follows:

1. Right to redemption
You should really know about this right. Suppose you suffer from the foreclosure and you loose your property and want to get back the property them the right to redemption is made for you. This law states that the foreclosure property which you loose can be re purchased within some fixed time. The fixed time can be from six month to eight month or even twelve month according to the state law. The time limit depends on the state laws and varies from state to state. For example if you are in Florida then the relaxation limit is six month.

The question really arises that how can you buy the property. I must tell you that you can buy the property by paying back the debt and some other charges which you have to deposit as a penalty. However you have to make sure that you pay back the money within the stipulated period of time.

2. Short Sale:
The one which I have written above was about how to deal with the situation after foreclosure and what I am writing now deals with the situation before foreclosure.

In case of short Sale you will have to inform your lender about the situation. It is on the mercy of the lender that you are benefited or not. In fact you will have to just request your lender and on the basis of his mercy you will have to take another step. In general the lender agrees to bear a bit of loss by selling the property for a lesser amount.

These are the two methods which allow you to have some relief as far as the foreclosure is concerned.