Your state may be trying to give you a break to avoid or turn back the clock on foreclosure with a couple of special provisions: the right of redemption, which can let you buy the home back from the person who bought it at foreclosure; and the right of reinstatement, which allows you to catch up on payments in default, including fees and penalties, and continue with the same loan.

Know your redemption rights

The right of redemption is not available in every state, and even among states that offer it, procedures vary greatly.

            •You may obtain a right of redemption only if your state offers a judicial foreclosure--that is, a foreclosure that proceeds through the courts.

            •The terms vary even among judicial foreclosure states. If you live in Kansas, you may have as long as a year to regain ownership through redemption. In Maine, you'll have three months. But if you live in New York, you have no redemption rights at all, even though it is also a judicial foreclosure state.

            •Consult an attorney. (http://www.houselogic.com/articles/foreclosure-help-5-pros-you-need-your-team/) Redemption laws are very complicated.

            •Be prepared to deal with your home's new owners, as they may take possession of your home even if your right of redemption is still valid.

To check your state's foreclosure laws, review this helpful guide (http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp).

 Be prepared to pay

Unfortunately, redemption is only a last chance--not a magic bullet. If you haven't heard of the right of redemption, it's because they rarely happen, even in states that allow them. Why? You must come up with the price paid by whoever purchases your house plus associated fees and taxes. The same situation that led you to foreclosure probably will keep you from getting the cash or financing for redemption. So unless you just won the lottery or your rich uncle died and left you a bundle, you won't get redemption.

 Understand reinstatement

Reinstatement is different from redemption, although it's easy to confuse the two. Reinstatement, available in many states, allows you stop the foreclosure process up to five days before the auction. To do this, you must:

            •Bring your loan up to date with all fees, expenses, and late charges.

            •Pay with "real money." That is, come with a certified check, not a credit card.

            •Be willing to take a hit in your credit score. However, you keep your house and the same mortgage, and over time you can repair your score. And at this point, your credit score probably already has taken a hit.

Note the important distinction: in reinstatement, you only have to come up with what you missed; in redemption, you have to come up with the entire amount owed on the house.

Again, to find out if reinstatement is available for you, consult a lawyer and a foreclosure counselor. You should talk to your lender about whether it's invoking acceleration--that is, declaring the entire amount due after several missed payments. Although, based on the terms of your loan, that may be the lender's right--effectively disallowing a reinstatement--your bank may be willing to negotiate a reinstatement.

Even if you can scrape together money for a reinstatement by pawning some jewelry and borrowing cash from relatives, you can't do that every month. If sufficient income looks like it will be a long-term problem, you might be better off saving your money for new housing and proceeding with a foreclosure, short sale (http://www.houselogic.com/articles/foreclosure-alternative-short-sale/), or deed in lieu of foreclosure (http://www.houselogic.com/articles/foreclosure-alternative-deed-lieu/).

Richard J. Koreto, a freelance writer, is the former editor of several professional financial magazines and the author of "Run It Like a Business," a practice management book for financial planners. He and his wife own a pre-Civil War house in Rockland County, N.Y.

Keller Williams

In 2005 I was building homes for a living and had an accident that prohibited me from continuing my career as a General Contractor.  I had already taken the real estate courses and passed the tests, had just not ever worked as a Real Estate Agent.  I had contacted another agent, at Keller Williams, to purchase a piece of property, so I called him to see what the details of working for an agency were.  He encouraged me to come aboard with Keller Williams.

I did decide to work at Keller Williams and started off on my new career choice.  It didn’t take very long for me to find it was a much larger company than I was comfortable with.  I needed a few less people and a little more training in order to get my career moving and learn the proper way to work through a contract.  I was very appreciative of the chance Keller Williams gave me to get my business off the ground, and parted with a greater understanding of what my needs were.

ERA Landmark

My next stop was ERA Landmark, a little more of a boutique store with great training opportunity and some of the best agents in the valley.  ERA Landmark was a fantastic learning experience and the Broker is an amazing business woman.  She was an inspiration to me in wanting to set my goals on a brokerage of my own at some point in my career. 

ERA Landmark offered classes and training on a weekly basis.  I watched the highly successful agents in the valley and learned their approach to both buyers and sellers and then incorporated pieces from each of them into my business structure for excellent service and continued growth. 

While at ERA Landmark I hired Tami to help move my business in the direction I chose to go.  After much research and watching, I determined that the internet was most assuredly where the real estate market was headed.  Tami built our website, keeps it maintained, and posts our listings in hundreds of places on the web.  She has been such an asset in our growth and progress, thanks to Robyn at ERA Landmark I was certain that hiring such expertise would hugely benefit our business.

After several years at ERA Landmark, Tami and I looked at our bottom line and decided it was time to start forward motion to our own business.

Remax Realty Group

Our next stop was Remax Realty Group due to the commission structure offered.  I needed to get used to paying a predetermined amount each and every month regardless of the income I was producing and Remax Realty Group offered just such a setting.

Tami and I continued to tweak our online structure, and to set up programs to better serve our clients.  We spent much of our time at Remax Realty Group designing email programs and contact systems that would better enable us to stay in contact with each potential client without jeopardizing the time needed to spend with each person individually.  This is a delicate balance that we tried hard to perfect during our time at Remax Realty Group.

After two years of working through the kinks in our business structure and trusting that our budget was in placed we took the leap!  While the agents we worked with at Remax Realty Group were wonderful and will always have a fond place in our hearts, we are delighted to be in our own office and look forward to a long and exciting business future.

Bank Owned

• 2,148 sq. ft., 2 bath, 3 bdrm single story - MLS® $149,900 - Priced to sell!

Armstrongs Addition, Belgrade  -  This home is directly across from the Belgrade Schools Athletic Field. Large double lot over 1/3 acre. Large fenced yard, great Bridger Mountain views, anda chance to earn a little sweat equity with some home remodeling. Needs some TLC.

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