Equity of Redemption | Mortgagor’s protection against foreclosure

Equity of Redemption

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...]