Right of Redemption

The right of a distressed borrower to recover property that has been transferred from their ownership, usually during a foreclosure process. To exercise this right, the borrower will have to pay off the debt obligation. Most property owners will have both an equitable right of redemption before the tax sale or foreclosure auction and a statutory right after the sale. For more information, see the "Everything You Want To Know About Foreclosures" article in the "Real Estate In-Depth" section.

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