Real Estate Finance Notes 11/10/04

 

I was late.

 

The Omitted Junior Mortgagee

 

What are the remedies?What about the purchaser at foreclosure?I donít know whatís going on.

 

There are three kinds of redemption, based on the time when they occur: (1) legal, which is the redemption when you pay the mortgage on the date it is due, (2) equitable redemption: the right to reinstate or pay off the mortgage in full prior to the time that the right of equitable redemption is foreclosed (the date of sale), and (3) the statutory right of redemption.

 

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