Asked by Christyon Pulley on Jul 09, 2024
Verified
A mortgagor has the right to equity of redemption.
Equity Of Redemption
The right of a mortgagor to reclaim property by paying off the full amount of the mortgage plus any accrued interest and costs before foreclosure.
- Recognize the legal processes involved in default situations, including repossession and foreclosure.
Verified Answer
LG
Linda GreerJul 11, 2024
Final Answer :
True
Explanation :
A mortgagor has the right to redeem or pay off the mortgage and recover the property from the mortgagee upon fulfilling the conditions agreed upon in the mortgage contract. This right is known as equity of redemption.
Learning Objectives
- Recognize the legal processes involved in default situations, including repossession and foreclosure.