Even after a property goes into foreclosure, it is still possible for the borrower to reclaim the property as long as they produ

Question

3 years ago

7

Even after a property goes into foreclosure, it is still possible for the borrower to reclaim the property as long as they produ

ce the outstanding mortgage balance and all foreclosure costs incurred to that point. In some states this right may even extend beyond the date of the foreclosure sale. When this occurs, this right is more commonly referred to as:A. Equitable redemption
B. Statutory redemption
C. Strategic default
D. Substantive default

Social Studies

1 answer:

VladimirAG [237] · Answer 1 · 2022-05-24T02:24:27+03:00

Answer: Option (A)

Explanation:

Equitable redemption is referred to as or known as right of the defaulting mortgagor in order to reclaim the property thus by paying the due mortgage payments that were due in the past any time prior to the foreclosure. This equity of the redemption is also referred to as the right of mortgagor under the law inn order to redeem his/her property at time when debt that is secured by mortgage is discharged.