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.
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