Clog Equity of Redemption | Fetter on Mortgage Redemption

clog equity of redemption A fetter, restriction or impediment, especially such an impediment on the mortgagor’s equity of redemption. A stipulation or provision in a mortgage deed that prevents the mortgagor from recovering his property unencumbered, after repayment of all the monies due to the mortgagee or performance of all the obligations for which the property was given as security. A clog on the equity of redemption may arise, for example, “where the mortgagee will suddenly bestow … [Read more...]

Clog on Equity of Redemption | Fetter on Redemption

A Clog on Equity of Redemption is a fetter, restriction or impediment, especially such an impediment on the mortgagor's equity of redemption. A stipulation or provision in a mortgage deed that prevents the mortgagor from recovering his property unencumbered. This may be after repayment of all the monies due to the mortgagee or performance of all the obligations for which the property was given as security. A position that may arise, for example, "where the mortgagee will suddenly bestow … [Read more...]

Equity of Redemption | Mortgagor’s protection against foreclosure

Equity of Redemption is: The right of a mortgagor (the borrower) to have his property released to him by performing his obligations under the mortgage (usually by repaying the outstanding debt, including principal, interest and costs to the mortgagee). The equity of redemption or 'equitable right of redemption' represents the right of the mortgagor to recover the mortgaged property without hindrance, after any default has been rectified. There is an "established rule that a mortgagee can never … [Read more...]

Mortgage Foreclosure | What is a mortgage foreclosure?

Mortgage Foreclosure Mortgage foreclosure is the process of barring, closing out or taking away. A judicial remedy that technically brings a mortgage to an end and vests the mortgagor’s (the borrower's) estate or interest in land in the mortgagee. A process instigated in the event of a default by the mortgagor. The mortgagee (i.e. the lender or anyone who has acquired the rights of to the mortgage) takes an action to force the mortgagor to repay the outstanding debt, or risk the loss of the … [Read more...]