Asked by Samantha Matias on May 05, 2024
Verified
If a party in interest to a mortgage wishes to exercise his right of redemption in a foreclosure sale,he must ________.
A) attend the foreclosure sale and pay the purchaser an equity fee
B) act before the foreclosure sale
C) pay the purchaser the amount the purchaser paid plus interest up to the time of redemption if he exercises his right of redemption after the foreclosure sale
D) secure a co-signer to guarantee the mortgage loan
Right of Redemption
The legal right of a debtor, particularly a mortgagor, to reclaim their property by paying the debt, usually after a foreclosure.
Foreclosure Sale
A legal process by which a lender sells or repossesses a property after the owner fails to comply with an agreement in the mortgage contract.
Interest
A fee paid for the use of borrowed money, typically a percentage of the amount borrowed.
- Understand the concept and implications of equity of redemption.
Verified Answer
ZK
Zybrea KnightMay 06, 2024
Final Answer :
C
Explanation :
If a party in interest wishes to redeem,he must pay the purchaser at the foreclosure sale the amount the purchaser has paid plus interest up to the time of redemption.
Learning Objectives
- Understand the concept and implications of equity of redemption.