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Real Property • Security Interests in Real Estate
PROP#222
Legal Definition
Half the states will allow a mortgagor to redeem the property during a fixed period after the foreclosure sale has happened (e.g., 6 months), usually for the foreclosure price. During the redemption period, the mortgagor has the right to possess the property.
Plain English Explanation
While redemption in equity allows a mortgagor to regain the right to their property before a foreclosure sale, half of the United States include an additional period of time after the foreclosure sale for the mortgagor to try to get the cash together to avoid losing the property. This is a statutory redemption, and the period of time is defined by the statute itself (which means if this is tested on an exam, it'll have to tell you how long of a period that is).