Equity of Redemption refers to the right of a property owner to reclaim their property even after defaulting on a mortgage, by paying off the due amounts before the foreclosure is finalized.
The Equity of Redemption is a legal concept in real estate that allows mortgagors to reclaim their foreclosed properties by paying off the outstanding mortgage debt and associated fees before the foreclosure sale is finalized.
Foreclosure is the legal process through which a lender attempts to recover the remaining balance on a loan from a borrower who has stopped making payments, typically by selling the asset used as collateral.
The redemption period is the time during which a former owner can reclaim their foreclosed property by paying off the debt and any associated legal fees.
The right of redemption is a legal provision allowing a mortgagor to reclaim their property once they've satisfied debts before foreclosure is completed, thereby preventing loss of property ownership.
