A. Properties transferred to the borough are held by the borough for at least one year. During this period, a party having an interest in the property may redeem it by paying the lien amount plus penalties, interest and costs. Property redeemed is subject to all accrued taxes, assessments, liens and claims as though it had continued in private ownership.

Only the amount applicable under the judgment and decree must be paid in order to redeem the property.

B. A person holding a mortgage or other lien of record covering only a portion of a tract included in the judgment and decree of foreclosure may redeem that portion by paying the proportionate amount applicable under the judgment and decree.