May 31 , 2016

Tampa School of Real Estate

Redemption

Definition:  the right of mortgagors who have defaulted on the mortgage note to redeem or get back their title to the property by paying off the entire mortgage before the foreclosure sale

Pronunciation:   \ri-ˈdem(p)-shən\

Used in a Sentence:   Before a property has been sold at a foreclosure sale the mortgagor has the right of redemption to reclaim their property.

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