Question

After a foreclosure sale, the borrower who has defaulted on the loan may seek to pay off the mortgage debt plus any accrued interest and costs under what right? A) Equitable redemption B) Statutory redemption C) Defeasance D) Usury

Answer 1

Option B (Statutory redemption) is the correct choice.

Step-by-step explanation:

• The privilege is given by law to reclaim the mortgagee after such a foreclosure auction to something like a mortgage holder, somebody who promises properties as collateral for a loan, and even to any other.
• A mortgager's right to recover possession of the property following a foreclosure is formal restitution or Statutory redemption. A mortgager seems to be a political group who appropriates resources to afford properties from some kind of mortgagee.

There are several other options not relevant to either the specified scenario. And the solution to the above has been the appropriate one.