Default and remedies
Equity of redemption
The borrower’s right to pay the debt in full and stop a foreclosure sale
It exists before the sale takes place. Curing the default and paying the accelerated balance redeems the property and ends the proceeding.
How the exam asks about it
Contrast statutory redemption, which some states allow for a period after the sale. Before the sale is equitable; after the sale is statutory.
Related terms
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