right of redemption(redirected from Rights of Redemption)
Right of redemption
Right of Redemption
right of redemption
The statutory right to redeem property either after it has been set for foreclosure or sometimes after the foreclosure itself. Postforeclosure redemption rights typically belong to the borrower,to any other persons with interests in the property,and to creditors of the borrower.It gives such persons the right to buy the property from the foreclosure purchaser,even if the purchaser was the lender, for the foreclosure price plus accrued interest at a statutorily set rate.The right of redemption may extend as long as one year in some states.