Definition of "redemption"
  1. The process by which a debtor retrieves property or goods by paying off a debt, thus obtaining legal title to the collateral, often seen in bankruptcy or foreclosure situations
How to use "redemption" in a sentence
  1. After filing Chapter 7 bankruptcy, he sought redemption of his car by paying off the loan.
  2. The state statutes allowed her the right of redemption to refinance and pay off her original mortgage and thus save her house from foreclosure.
  3. To avoid losing his home, he acted on his right of redemption and cleared the outstanding amount on his mortgage.

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