mortgagor's right to redeem property after defaultand avoid a foreclosure sale, by paying the outstanding principal, plus interest and other costs, to the mortgagee. Some states permit redemptions even after a foreclosure auction.
right of mortgagor to redeem his property (save it from foreclosure), after default in the payment of the mortgage debt, by subsequent payment of all costs and interest, in addition to the mortgage debt, to the mortgagee.
the right of an owner to redeem property securing a loan that has been accelerated prior to foreclosure.
Example: Abel's property is about to be foreclosed because he has not met his mortgage obligation. If he raises enough money before the loan is foreclosed, he may reclaim the property by paying the principal, interest, and legal expenses, under equity of redemption laws. Depending on state law, he may be able to reclaim the property after foreclosure.
