A. Only persons having a recorded interest in the property, or
their legal representative, may redeem the property within the redemption
period. Purchasers have no redemption rights.
B. Property which has been sold at a foreclosure sale is not
eligible for installment payments or a payment plan. Property may be
redeemed only by payment in full. Redemption shall be subject to the
payment to the Treasurer of the redemption price. The only acceptable form
of payment shall be United States
legal currency or cashier’s check.
C. The Treasurer shall issue a receipt to the person redeeming
the property and shall report the redemption to the Auditor. Redemption
discharges the property from the effect of the sale.
D. If redemption is made by a lien creditor, the amount paid for
redemption shall thereafter be deemed a part of the judgment, decree, mortgage
or tax lien and shall bear like interest and may be enforced and collected as a
E. Upon receipt of the redemption price, the Treasurer shall
issue a check for the sales price amount paid by the holder of the certificate
of sale as shown on the lien docket plus any accrued redemption interest.
The check shall be delivered to the address provided to the City by the
purchaser or any transferee or assignee.
F. The interest charged during the redemption period shall be
set by ordinance. The redemption interest rate shall be set at a level
which attracts bidders. The penalty charged during the redemption period
shall also be set by ordinance. The redemption penalty shall be set at a
rate to encourage payment by delinquent property owners.
G. If a property is redeemed at any time during the redemption
period, the redemption period automatically terminates.