Definitions for "EQUITY OF REDEMPTION"
Not the same as the redemption period after a foreclosure sale, which is a right established by statute. Properly, the right to pay off mortgage lien in default by payment of the principal, interest and cost due.
The common law right to redeem property following default on a mortgage by paying the unpaid debt plus interest and costs prior to the foreclosure sale. In some states, the mortgagor has a statutory right to redeem property after a foreclosure sale.
The right of the mortgagor to have title to his property restored to him when he has repaid the mortgage in full.