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What (who) is equity of redemption - definition
equity of redemption
¦ noun Law the right of a mortgagor over the mortgaged property, especially the right to redeem the property on payment of the principal, interest, and costs.
equity of redemption
n. the right of a mortgagor (person owing on a loan or debt against their real property), after commencement of foreclosure proceedings, to "cure" his/her default by making delinquent payments. The mortgagor also must pay all accumulated costs as well as the delinquency to keep the property.
See also: foreclosure mortgage redemption
Equity of redemption
The equity of redemption refers to the right of a mortgagor in law to redeem his or her property once the debt secured by the mortgage has been discharged.
Wikipedia
Equity of redemption
The equity of redemption refers to the right of a mortgagor to redeem his or her property once the debt secured by the mortgage has been discharged.
