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Key takeaways. If you’re facing foreclosure, the right of redemption gives you a legal pathway to keep or regain your home, by paying back the entire outstanding loan, plus interest and fees.
Because the right of redemption is an equitable right, foreclosure is an action in equity. To keep the right of redemption, the debtor may be able to petition the court for an injunction. If repossession is imminent, the debtor must seek a temporary restraining order. However, the debtor may have to post a bond in the amount of the debt.
The right of redemption, in the law of real property, is the right of a debtor whose real property has been foreclosed upon and sold to reclaim that property if they are able to come up with the money to repay the amount of the debt. [1] About half of all U.S. states have a statutory provision that allows such a reclamation of property. [2]
The equity of redemption was the right to petition the courts of equity to compel the mortgagee to transfer the property back to the mortgagor once the secured obligation had been performed. [1] Today, most mortgages are granted by statutory charge rather than by a formal conveyance, although theoretically there is usually nothing to stop two ...
A tax sale is the forced sale of property (usually real estate) by a governmental entity for unpaid taxes by the property's owner.. The sale, depending on the jurisdiction, may be a tax deed sale (whereby the actual property is sold) or a tax lien sale (whereby a lien on the property is sold) Under the tax lien sale process, depending on the jurisdiction, after a specified period of time if ...
The Catholic Church had technically banned the practice of selling indulgences as long ago as 1567. As the Times points out, a monetary donation wouldn't go amiss toward earning an indulgence.
FLASHBACKS: The producers wanted Tom Cruise. The creek in its most famous scene was toxic. And barely anyone saw it upon release. So why, Tom Fordy asks, did Frank Darabont’s seemingly doomed ...
This right is referred to as the "equity of redemption". The law has historically taken a dim view of provisions which might impede this right to have the assets reconveyed (referred to as being a "clog" on the equity of redemption); although the position has become more relaxed in recent years in relation to sophisticated financial transactions.