The Year of Jubilee
Again, let's look at the scriptural text. The English Translation is from the New International Version but I encourage readers to review other translations at Bible Gateway.
Count off seven sabbath years—seven times seven years—so that the seven sabbath years amount to a period of forty-nine years. Then have the trumpet sounded everywhere on the tenth day of the seventh month; on the Day of Atonement sound the trumpet throughout your land. Consecrate the fiftieth year and proclaim liberty throughout the land to all its inhabitants. It shall be a jubilee for you; each of you is to return to your family property and to your own clan. The fiftieth year shall be a jubilee for you; do not sow and do not reap what grows of itself or harvest the untended vines. For it is a jubilee and is to be holy for you; eat only what is taken directly from the fields.
In this Year of Jubilee everyone is to return to their own property.
If you sell land to any of your own people or buy land from them, do not take advantage of each other. You are to buy from your own people on the basis of the number of years since the Jubilee. And they are to sell to you on the basis of the number of years left for harvesting crops. When the years are many, you are to increase the price, and when the years are few, you are to decrease the price, because what is really being sold to you is the number of crops. Do not take advantage of each other, but fear your God. I am the Lord your God.
Follow my decrees and be careful to obey my laws, and you will live safely in the land. Then the land will yield its fruit, and you will eat your fill and live there in safety. You may ask, “What will we eat in the seventh year if we do not plant or harvest our crops?” I will send you such a blessing in the sixth year that the land will yield enough for three years. While you plant during the eighth year, you will eat from the old crop and will continue to eat from it until the harvest of the ninth year comes in.
The land must not be sold permanently, because the land is mine and you reside in my land as foreigners and strangers. Throughout the land that you hold as a possession, you must provide for the redemption of the land.
If one of your fellow Israelites becomes poor and sells some of their property, their nearest relative is to come and redeem what they have sold. If, however, there is no one to redeem it for them but later on they prosper and acquire sufficient means to redeem it themselves, they are to determine the value for the years since they sold it and refund the balance to the one to whom they sold it; they can then go back to their own property. But if they do not acquire the means to repay, what was sold will remain in the possession of the buyer until the Year of Jubilee. It will be returned in the Jubilee, and they can then go back to their property.
Anyone who sells a house in a walled city retains the right of redemption a full year after its sale. During that time the seller may redeem it. If it is not redeemed before a full year has passed, the house in the walled city shall belong permanently to the buyer and the buyer’s descendants. It is not to be returned in the Jubilee. But houses in villages without walls around them are to be considered as belonging to the open country. They can be redeemed, and they are to be returned in the Jubilee.
. . .
If any of your fellow Israelites become poor and are unable to support themselves among you, help them as you would a foreigner and stranger, so they can continue to live among you. Do not take interest or any profit from them, but fear your God, so that they may continue to live among you. You must not lend them money at interest or sell them food at a profit. I am the Lord your God, who brought you out of Egypt to give you the land of Canaan and to be your God.
If any of your fellow Israelites become poor and sell themselves to you, do not make them work as slaves. They are to be treated as hired workers or temporary residents among you; they are to work for you until the Year of Jubilee. Then they and their children are to be released, and they will go back to their own clans and to the property of their ancestors. Because the Israelites are my servants, whom I brought out of Egypt, they must not be sold as slaves. Do not rule over them ruthlessly, but fear your God.
A portion of the passage in Hebrew.
- Land reverts to its original owner every fifty years.
- Land sold due to economic difficulty can be redeemed (purchased back).
- Loans must not be exploitative.
- Those who suffer economic hardship are not to become slaves. They are respected workers and restored to full economic and political freedom in the year of jubilee.
Echoes in the California Right of Redemption?
In California, when a home is foreclosed upon through a court procedure, called a judicial foreclosure, there is a right of redemption. This is a time period in which the homeowner can purchase back their property lost due to hardship.
When property is sold pursuant to a decree of foreclosure subject to a right of redemption, and there is no deficiency liability (that is, when the sales proceeds are in an amount that satisfies the debt secured by the lien being foreclosed, plus interest and costs), the redemption period is three months after the date of the
sale CCP 729.030(a).
When there is a deficiency liability after the sale (that is, the sales proceeds are not sufficient to satisfy the debt, plus interest and costs), the redemption period is one year after the sale CCP 729.030(b).
More information is available from A Brief Guide To Redemption of California Property After Judicial Foreclosure.