Should I waive my rights to redemption?

UPDATED: May 21, 2009

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: May 21, 2009Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

Should I waive my rights to redemption?

We have an investment property that is in process of forclosure. the bank now has a buyer for the property and wants us to sign something to waive our rights of redemption. My fear is that I will waive that right and then they will come back and sue me for the deficiency. What should I do?

Asked on May 21, 2009 under Real Estate Law, Kansas


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

I think you need to have a lawyer review the waiver they want you to sign, because there are different ways to word these things and you need to know exactly what this particular document means.  One place to find an attorney in your area is our website,

After he or she goes through the document, it's possible that your lawyer can negotiate with the bank, to make sure that you are protected from a deficiency judgment; if the language doesn't look quite right, you might be able to get the necessary changes.  In this economy, the bank may be more interested in getting the deal done, as its most profitable way of dealing with your mortgage.  A lawyer is your best bet, both for understanding the document and for negotiating with the bank, if necessary.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption