equity of redemption

equity of redemption
equity of redemption
1: the right of a defaulting mortgagor to redeem the mortgaged property before an absolute foreclosure
2: the interest or estate remaining to a mortgagor in mortgaged property; also: the value of such interest

Merriam-Webster’s Dictionary of Law. . 1996.

equity of redemption
the right or interest of a mortgagor of property to redeem while the mortgage subsists.

Collins dictionary of law. . 2001.


equity of redemption
In foreclosure, the homeowner's right, for a certain period of time, to redeem the mortgage and keep the house by refinancing and paying off the original mortgage. State statutes usually spell out the terms under which redemption is available. (See also: redemption)
Category: Bankruptcy, Foreclosure & Debt → Foreclosure

Nolo’s Plain-English Law Dictionary. . 2009.

equity of redemption
The right which a chargor has on payment of the secured debt with interest and costs, to recover the charged deposit.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.


equity of redemption
The right of a mortgagor, that is, a borrower who obtains a loan secured by a pledge of his or her real property, to prevent foreclosure proceedings by paying the amount due on the loan, a mortgage, plus interest and other expenses after having failed to pay within the time and according to the terms specified therein.

Dictionary from West's Encyclopedia of American Law. 2005.


equity of redemption
The right of a mortgagor, that is, a borrower who obtains a loan secured by a pledge of his or her real property, to prevent foreclosure proceedings by paying the amount due on the loan, a mortgage, plus interest and other expenses after having failed to pay within the time and according to the terms specified therein.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

equity of redemption
n.
   the right of a mortgagor (person owing on a loan or debt against their real property), after commencement of foreclosure proceedings, to "cure" his/her default by making delinquent payments. The mortgagor also must pay all accumulated costs as well as the delinquency to keep the property.
   See also: foreclosure, mortgage, redemption

Law dictionary. . 2013.

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Look at other dictionaries:

  • equity of redemption — ˌequity of reˈdemption noun [uncountable] LAW FINANCE the right of someone who has borrowed money to buy property to keep their property even if they do not make repayments on the loan for a period of time, but then continue with repayments or… …   Financial and business terms

  • Equity of redemption — Equity Eq ui*ty, n.; pl. {Equities}. [F. [ e]quit[ e], L. aequitas, fr. aequus even, equal. See {Equal}.] 1. Equality of rights; natural justice or right; the giving, or desiring to give, to each man his due, according to reason, and the law of… …   The Collaborative International Dictionary of English

  • equity of redemption — n. the right of a mortgagor in default to redeem the mortgaged property by paying the principal, interest, and costs within a specified reasonable time …   English World dictionary

  • Equity of redemption — The equity of redemption refers to the right of a mortgagor in law to redeem his property once the liability secured by the mortgage has been discharged.Historically, mortgages were made by the mortgagor executing a conveyance of legal title to… …   Wikipedia

  • equity of redemption — The right, recognized by courts of equity from early times, of a mortgagor, following a breach of the condition of the mortgage, to redeem property from the forfeiture by discharging the obligation secured within a reasonable period; such right… …   Ballentine's law dictionary

  • equity of redemption — 1. the right of a mortgagor to redeem the property by paying the debt, even after default in payment of the sum owed. 2. the interest of an owner of land subject to a mortgage. [1705 15] * * * …   Universalium

  • equity of redemption — noun Law the right of a mortgagor over the mortgaged property, especially the right to redeem the property on payment of the principal, interest, and costs …   English new terms dictionary

  • equity of redemption — noun the right of a mortgagor to redeem the mortgaged property by paying the debt, within a certain time after the due date …  

  • equity of redemption — /ˌekwɪti əv rɪ dempʃən/ noun a right of a mortgagor to redeem the estate by paying off the principal and interest …   Dictionary of banking and finance

  • equity of redemption — 1. : the right of a mortgagor to redeem his property after the term of the mortgage has expired but before an absolute foreclosure has been authorized 2. : the interest or estate remaining to the mortgagor in property mortgaged by him or the… …   Useful english dictionary

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