The Equity of Redemption is a legal right of mortgagors to reclaim their property after defaulting, by settling the entire mortgage debt including costs and interest before foreclosure occurs.
The redemption period is the duration during which a former owner can reclaim foreclosed property or property posted for foreclosure.
The right of redemption allows a property owner to recover their property that has been transferred due to a mortgage or other lien by repaying the debt, typically before or shortly after foreclosure. This right is also known as the equity of redemption.
