equity of redemption

Real estate. The right of a mortgagor in default to recover property before a foreclosure sale by paying the principal, interest, and other costs that are due.

• A defaulting mortgagor with an equity of redemption has the right, until the foreclosure sale, to reimburse the mortgagee and cure the default. In many jurisdictions, the mortgagor also has a statutory right to redeem within six months after the foreclosure sale, and the mortgagor becomes entitled to any surplus from the sale proceeds above the amount of the outstanding mortgage.

— Also termed right of redemption. See CLOG ON THE EQUITY OF REDEMPTION; REDEMPTION(4); STATUTORY RIGHT OF REDEMPTION. [Cases: Mortgages 591, 600. C.J.S. Mortgages §§ 57, 991, 993, 995, 998–999, 1005, 1040–1043, 1045–1046, 1065, 1068.]

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