When someone has defaulted on a loan obligation (stops making payments), the lender must give written notice of the default and give the borrower the opportunity to bring the payments up to date. That notice must be mailed or delivered to the person.

Before foreclosing on residential property because of non-payment of a mortgage, a lender must give the homeowner an opportunity to make all past due payments.

Right to Redeem Property
A borrower who has lost property through foreclosure may be able to redeem the property, or get it back.

If the lender obtains a judgment against the person for the non-payment of a loan or mortgage after the property has been sold (a deficiency judgment), the person has six months after the date of the judgment to redeem the property. A person can redeem the property by paying:

• The full amount of the foreclosure judgment;
  
• Interest from the date of the foreclosure action;
  
• All costs for the deficiency action; and
  
• All reasonable costs (like taxes) paid by the purchaser of the property.

• After the six-month period ends; or
  
• If the person files an answer in the deficiency action disputing the amount due.