statutory right of redemption

statutory right of redemption

A right given in some states for mortgage debtors to repurchase their property after foreclosure and before expiration of the allowed time period.The same rights are also sometimes given to spouses and other creditors of the debtor. In order to redeem, the former owner must pay the full bid price at the foreclosure,plus interest.Under some statutes,the right can be lost if the property owner does not vacate the foreclosed property within a certain time period after receiving notice from the purchaser.Rights of redemption may be bought and sold.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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The statutory right of redemption isn't exercised very often.
A way for buyers to get around the possibility that the owner will exercise their statutory right of redemption is to buy the redemption rights from the owner.
[E]very mortgagor has a statutory right of redemption, made part of every mortgage, which continues even after a post judgment foreclosure sale until issuance of a certificate of sale by the clerk of court conducting the sale.
In Pasco, the court allowed the appointment of a receiver when it was necessary to protect the mortgagee's rights, but in doing so, it was careful not to trample unnecessarily upon the mortgagor's statutory right of redemption, confining its discussion to the right of "possession." Another often-cited case, Carolina Portland Cement Co.
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further and created a statutory right of redemption. (55) This right,