equity of redemption definition

  • noun:
    • the proper of just one who's mortgaged property to redeem that home upon payment of this sum due within a reasonable amount of time following the deadline.
    • the advantage, allowed to a mortgageor, of a certain or reasonable time for you to get places mortgaged, once they have been forfeited at law because of the nonpayment for the amount of cash because of regarding the mortgage within appointed time.
    • the proper of just one who may have mortgaged residential property to get that property upon payment associated with the sum due within a fair timeframe after the deadline.
    • the advantage, allowed to a mortgageor, of a specific or reasonable time and energy to redeem lands mortgaged, after they have-been forfeited at law by the nonpayment associated with the amount of cash because of in the mortgage at appointed time.
    • The right of one who's got mortgaged property to redeem that property upon repayment of sum due within a reasonable timeframe following the deadline.
    • the benefit, permitted to a mortgageor, of a particular or reasonable time for you redeem lands mortgaged, when they have-been forfeited at law because of the nonpayment of this sum of money because of on mortgage in the appointed time.
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