Which of the following is an accurate description of equity of redemption? a. A buyer in...

Which of the following is an accurate description of equity of redemption?

a. A buyer in default purchases their property after a foreclosure sale for the full amount of the original purchase price.

b. A seller demands that a buyer in default pay the full amount of outstanding debt on a mortgaged property.

c. A buyer in default pays the full amount of outstanding debt on a mortgaged property, plus interest and other associated costs, after the foreclosure sale.

d. A buyer in default pays the full amount of outstanding debt on a mortgaged property, plus interest and other associated costs, before the property is sold by the lender.

Expert Solution

Equity of redemption is a legal right to the mortgagor to take back his mortgaged property from the mortgagee only when the debt borrowed by the mortgagor (borrower) with interests is paid to the mortgagee (lender) before the foreclosure sale.Foreclosure sale is the right of the lender to sell the mortgaged property when the debt is not recovered. In other words , the equity of redemption is the legal right of the borrower to take back his mortgaged property from the lender when he pays full debt with interests within a specified period of time. Before the end of that period the lender is not allowed to sell the property to recover the debt amount. So among the four options , option (d) is correct : a buyer in default pays the full amount of outstanding debt on a mortgaged property, plus interest and associated costs, before the property is sold by the lender. While all other options are not true because they do not completes the definition of equity of redemption properly.

ekkarill92 answered 2 years ago

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