Redemption Flashcards
1
Q
Equitable Redemption
A
NONWAIVEABLE
Up until foreclosure owner has the right to get property out of foreclosure
Must pay of missed payments + interest+ costs leading up to foreclosure
2
Q
Equitable Foreclosure with an Acceleration Clause
A
Must pay full balance + accrued interest + costs
3
Q
Statutory Redemption
A
After foreclosure, under statute owner has statutory time limit to get property back
Must pay foreclosure price, redemption will nullify foreclosure
Most states allow owner to stay on premises until statutory period runs
