equity of redemption

Definitions of "equity of redemption"
  1. It's the opportunity foreclosed property owners have to buy back, or redeem, their property before it is permanently foreclosed
  2. It's the amount of ownership that a person has in a property that has been mortgaged, which is not yet completely foreclosed, providing them an opportunity to reclaim it
How to use "equity of redemption" in a sentence
  1. The equity of redemption gave the homeowner a final chance to retain their property before the bank officially seized it.
  2. After failing to meet the loan payments, the owner could still use his equity of redemption to recover possession of his mortgaged property.
  3. The lender informed the borrowers about their equity of redemption in the mortgaged property when they defaulted on their monthly payments.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z