right of redemption
In some states, mortgagors who default on their loans and lose their mortgaged property may recover their property by exercising a right of redemption . To exercise the right, mortgagors must pay their lenders the full amount of their unpaid debt, plus any additional default-related fees. Rights of redemption are governed by state law, which varies on whether and how long rights of redemption persist after foreclosure . See State Property Laws .
See Debtor and Creditor Law ; Mortgage Law .
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