Question

Even after a foreclosed property is sold at public auction, the defaulting borrower may be able to recover the property for a time by paying the balance plus foreclosure expenses or the foreclosure sale price, depending on the state. This right is called the

Answer 1

This right is called the right of Redemption

The right of redemption enables borrowers who have fallen behind on their mortgage payments to regain their homes by paying the outstanding balance plus interest and penalties either before the foreclosure process gets underway or, in some areas, even after a foreclosure auction.

When a person takes out a mortgage to purchase a property, the house itself acts as security for the loan. In other words, if a homeowner misses a payment, they lose possession of the house. Many mortgage notes contain a clause referred to as the right of foreclosure that explains a lender's power to foreclose on a property and specifies the circumstances in which the lender may do so.

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