Equity Of Redemption

Definition:  The right of a mortgagor, before a foreclosure sale, to reclaim the property by paying the full debt plus interest and costs.

Pronunciation:  \ˈe-kwə-tē\\ri-ˈdem(p)-shən\

Used in a Sentence:   We were able to halt the foreclosure sale on our building  by exercising our equity of redemption right.

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