"Our Process for Handling Expired Domain Names
The process we, the registrar, follow for expired domain names depends on your domain name extensions and their renewal settings. Prior to expiration, we send multiple emails to remind you to renew your domain names.
If you set your domain names to automatically renew, we attempt to renew the registrations for you the day after expiration. If we are unable to bill you, we park your expired domain names and notify you via email again.
If you set your domain names to manually renew and you let your domain names expire, we park your expired domain names and notify you via email again the day after expiration.
For expired .com, .net, .org, .info, .biz, .us, .ws, .name, .cc, .mobi, .me, or .tv domain name registrations, we hold your domain name for approximately 42 days before canceling it. Domain name renewal during this period is subject to applicable renewal and redemption fees. For more information, see What happens after domain names expire? and Recovering Expired Domain Names."
What they do not say in the above is that they own the site after the 42 days and attempt to resell it if the domain name is deemed to have value.
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