What right does a borrower have after the sale in a judicial foreclosure?

A borrower has the right to reclaim the property within a specific time frame after a judicial foreclosure, typically known as the right of redemption. This right allows the borrower to regain ownership of the property by paying off the entire amount owed, including any associated costs, within a legally defined period following the foreclosure sale. The right of redemption is designed to provide borrowers with a second chance to keep their properties, thereby giving them an opportunity to alleviate the financial distress that led to foreclosure.

The other options do not accurately represent the rights of a borrower following a judicial foreclosure. The right to appeal the judgment may be limited and often pertains to errors in the judicial process rather than direct ownership rights after sale. Filing for bankruptcy can impact debts but does not grant a borrower the immediate right to reclaim the property following foreclosure. Negotiating a new mortgage agreement typically occurs before foreclosure or during the early stages of default and is not a statutory right post-sale.