Equity of Redemption

Equity of Redemption

Equity of redemption allows the mortgagor to prevent foreclosure from occurring by paying the mortgagee the principal and interest due plus any expenses the mortgagee has incurred in at-tempting to collect the debt and initiating foreclosure proceedings.

In Florida, the right of equity of redemption (or equitable right of redemption) ends once the property has been sold at a foreclosure sale. Some states (not Florida) provide mortgagors with a statutory redemption period that allows the mortgagor to redeem a foreclosed property for a specified period of time after the foreclosure sale.