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equity of redemption

   Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.15 sec.
equity of redemption

The rights a mortgage borrower has to reclaim property after default and before foreclosure.It is a right in real estate and may be transferred by deed, but a bill of sale of the right to another will be unenforceable.Contrast with right of redemption.



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Second, it may foreclose on the equity of redemption in order to become the registered owner of the mortgaged property.
This right from that time was named the equity of redemption.
However, it is equally established that such surplus money is not "a general asset of the owner of the equity of redemption but stands in place of the land for all purposes of distribution among persons having vested interests or liens upon the land.
 
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