225ec8c8_operty_3_Flashcards___Cram_com__rding_system__Brightline_rules
Redemption in equity: recognized up to the date of sale. Any time prior to the foreclosure sale debtor has the right to redeem the land and free it of the mortgage. Once a valid foreclosure has taken place, right to equitable redemption is gone. Exercised by paying off the missed payment/payments and interest and costs. If the mortgage contains an acceleration clause: the full balance and accrued interest and costs must be paid to redeem. Debtor/mortgagor may not waive the right to redeem in the mortgage itself.
foreclosure redemption
Real Property 3 Flashcards - Cram.com