redeem

Definition from Nolo’s Plain-English Law Dictionary

To buy back property, as when a homeowner pays off a mortgage. (This typically happens when the homeowner faces foreclosure and pays off the original mortgage by refinancing or when someone in bankruptcy pays off a loan to keep an item of property.) A person who has pawned a possession may redeem the item by paying the loan and interest to the pawnbroker. (See also: redemption)

Definition provided by Nolo’s Plain-English Law Dictionary.