Asked by Courtlyn Patrick on Jun 12, 2024
Verified
A right of redemption of a mortgage cannot be defeated by operation of law.
Right of Redemption
The legal right allowing a debtor to reclaim property that has been foreclosed upon or repossessed, typically by paying off the owed debt.
Mortgage
A legal agreement by which a bank, building society, etc., lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
- Gain an understanding of the primary aspects of mortgage law, focusing on the responsibilities and privileges of mortgagors and mortgagees.
Verified Answer
SB
Shelbie BachaiJun 13, 2024
Final Answer :
False
Explanation :
A right of redemption can indeed be defeated by operation of law, particularly if the legal process for foreclosure is completed and the redemption period (if any) has expired without the borrower exercising their right to redeem the property.
Learning Objectives
- Gain an understanding of the primary aspects of mortgage law, focusing on the responsibilities and privileges of mortgagors and mortgagees.