Which of the following is an accurate description of statutory redemption? a. A seller demands that...

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

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

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

c. A buyer in default purchases their property after a foreclosure sale for the full amount of the original purchase price only. The outstanding debt does not include any fees or costs incurred.

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

Statutory Redemption as the name suggests is a right of mortgagor to take back the ownership of mortgaged asset that is sold after foreclosure, for a price at which sold upon foreclosure, after the default made by the owner.

So Basically it’s a Right of mortgagor, in which mortgaged property is repossessed by buyer

Based on this definition, we can say Option a is incorrect, since its referring right of seller not buyer, Option b and option d is also wrong since these are referring the payment of full amount without referring to repurchase of assets.

Option C is right, since its rightly referring the repurchase of assets after foreclosure for the original purchase price.

ekkarill92 answered 2 years ago

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