right of redemption |
Definition
Fundamental legal right of a borrower (mortgagor) to redeem the mortgaged property. The mortgagor can exercise this right (1) on or before the date of foreclosure, (2) after the foreclosure on payment of a penalty or, in some jurisdictions, (3) even after the foreclosure sale-by paying off in full the outstanding debt plus all charges and penalties. It is commonly an inviolable right which may not be restricted unduly by the courts. If a mortgage agreement does not specifically provide for redemption of the mortgage property it is, ipso facto, unenforceable in law. Also called equitable right of redemption.
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right of redemption is in the Corporate, Commercial, & General Law subject.
right of redemption appears in the definitions of the following terms: foreclosure, legal possessor, equity of redemption, equitable right of redemption, statutory right of redemption, attachment, legal owner, redemption, mortgage and legal estate
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