Final answer:
Foreclosure redemption is a legal process that allows borrowers in default to regain ownership of the property by paying off the remaining mortgage balance. Each state has its own laws regarding foreclosure redemption.
Step-by-step explanation:
The couple has the right to redeem the loan and regain the property anytime up to February 2015 due to their state's laws on foreclosure redemption. Foreclosure redemption is a legal process that allows the borrowers in default to pay off the remaining mortgage balance and any associated costs to regain ownership of the property. Each state has its own foreclosure redemption laws, which specify the timeframe and conditions under which the redemption can occur.
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