😀
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).
Related Concepts
How do states treat a mortgage without a note?
How do states treat a note without a mortgage?
How is a mortgage's priority determined?
How may a party be a holder in due course of a note?
In lieu of foreclosure, what do many installment contracts prefer and how do courts address this alternative?
Under which theories may a mortgagee take possession of a property and begin receiving rents before foreclosure?
What are the 5 types of security interests in real estate?
What are the benefits of the holder in due course status?
What are the limitations of a junior interest?
What are the methods of transferring a note?
What interests does a foreclosure destroy?
What is a deficiency judgment?
What is a due on sales clause?
What is a foreclosure?
What is an installment land contracts?
What is a receivership?
What is a redemption in equity?
What is the distribution order of proceeds from a foreclosure?
What is the result of a grantee assuming the mortgage?
What liabilities are associated with a mortgaged property that is transferred to another party?
What occurs in intermediate theory states?
What occurs in lien theory states?
What occurs in title theory states?
What results from a party purchasing a foreclosed property subject to a senior interest?
What security interests exist under a absolute deed?
What security interests exist under a deed of trust?
What security interests exist under a installment land contract?
What security interests exist under a mortgage?
What security interests exist under a sale-leaseback?
Who may transfer their interest in a mortgage?