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...]