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.
The period of redemption is a specific timeframe within which a borrower can reclaim their foreclosed property by paying off the total debt owed.
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.
A tax sale is the sale of property after a period of nonpayment of taxes, where the purchaser receives a tax deed. The defaulting owner typically has a redemption period to reclaim the property by paying owed amounts.
