Redemption

Question 1

Equitable Redemption

Answer 1

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

Question 2

Equitable Foreclosure with an Acceleration Clause

Answer 2

Must pay full balance + accrued interest + costs

Question 3

Statutory Redemption

Answer 3

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