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, statutory right of redemption.

单词	right of redemption
释义	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, statutory right of redemption.
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