The right of redemption, in the
law
Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, with its precise definition a matter of longstanding debate. It has been variously described as a science and as the ar ...
of
real property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land i ...
, is the right of a debtor whose real property has been foreclosed upon and sold to reclaim that property if they are able to come up with the money to repay the amount of the debt.
Within the U.S., for home mortgage foreclosures, a homeowner may redeem the foreclosed property up to the time of the foreclosure sale, and in many states for a limited period of time after the sale, by paying off the mortgage balance and the costs incurred by the lender and any purchaser. Similar rights of redemption apply after foreclosures for unpaid property taxes.
See also
*
Equity of redemption
The equity of redemption refers to the right of a mortgagor to redeem his or her property once the debt secured by the mortgage has been discharged.
Overview
Historically, a mortgagor (the borrower) and a mortgagee (the lender) executed a conveya ...
References
Property law
Foreclosure
{{US-law-stub