Right Of Redemption

Right Of Redemption
The legal right of any mortgagor or borrower who owns real estate to reclaim his or her property. Right of redemption gives property owners who pay off the back taxes or liens on their property the ability to prevent foreclosure or the auctioning off of their property, sometimes even after the auction or sale has occurred. However, the amount paid generally also must include the costs incurred in the foreclosure process, plus the entire amount of the mortgage if the payoff comes after foreclosure or auction.

The term "Right of Redemption" can also be used in another sense. Debtors have the right to pay their creditors an amount equal to the fair market value of the assets securing the lien. By doing so, they can reclaim their personal property.

Investment dictionary. . 2012.

Look at other dictionaries:

  • right of redemption — right of redemption: the right to regain ownership of property by freeing it from a debt, charge, or lien (as by paying to the creditor what is due to release the secured property); specif: a mortgagor s statutory right to redeem after a judicial …   Law dictionary

  • right of redemption — the legal right to regain ownership of property that one has formerly enjoyed by freeing it from a debt, charge, or lien, (as by paying to the creditor what is due to release the secured property) compare equity of redemption …   Useful english dictionary

  • right of redemption — See equity of redemption; redemption …   Ballentine's law dictionary

  • right of redemption — The right to recover property that has been attached by paying off the debt . Bloomberg Financial Dictionary …   Financial and business terms

  • sale with right of redemption — A sale in which vendor reserves right to take back property by returning price paid. See also sale on approval sale or return, above …   Black's law dictionary

  • legal right of redemption — The right of a mortgagor, in a jurisdiction where a mortgage has the effect of vesting title in the mortgagee, to pay the mortgage debt and thus avoid the effect of the mortgage as a transfer of title. Stevens v Turlington, 186 NC 191, 119 SE 210 …   Ballentine's law dictionary

  • redemption — re·demp·tion /ri demp shən/ n: the act, process, or fact of redeeming see also equity of redemption, right of redemption re·demp·tive / demp tiv/ adj Merriam Webster’s Dicti …   Law dictionary

  • right — / rīt/ n [Old English riht, from riht righteous] 1 a: qualities (as adherence to duty or obedience to lawful authority) that together constitute the ideal of moral propriety or merit moral approval b: something that is morally just able to… …   Law dictionary

  • Redemption in the Old Testament — • Strictly deliverance by payment of a price or ransom, or simply deliverance by power, as from oppression, violence, or captivity Catholic Encyclopedia. Kevin Knight. 2006. Redemption in the Old Testament     Redemp …   Catholic encyclopedia

  • redemption — The realization of a right to have the title of property restored free and clear of the mortgage; performance of the mortgage obligation being essential for that purpose. The right of a debtor, and sometimes of a debtor s other creditors, to… …   Black's law dictionary