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Simple English definitions for legal terms
statutory right of redemption
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A quick definition of statutory right of redemption:
Statutory Right of Redemption: This is a legal right that allows someone who has not been able to pay their mortgage to get their property back after it has been sold in a foreclosure sale. To do this, they must pay the amount they owe, including interest and other costs, and fix the problem that caused them to default on their mortgage. This right is different in each state and is not always available.
A more thorough explanation:
The statutory right of redemption is a legal right that allows a mortgagor (borrower) to recover their property after a foreclosure sale by paying the amount owed, including principal, interest, and other costs, to cure the default. This right exists in many states but is not the same in all states.
For example, if a homeowner defaults on their mortgage payments and the lender forecloses on the property, the homeowner may still have the right to redeem the property by paying the outstanding debt within a certain period of time. This right gives the homeowner a chance to keep their property and avoid losing it to foreclosure.
However, it's important to note that the specifics of the statutory right of redemption can vary depending on the state and the terms of the mortgage agreement. Some states may have a shorter redemption period or may not offer this right at all.