Real
Estate Finance Notes
I
was late.
The Omitted Junior Mortgagee
What
are the remedies? What about the
purchaser at foreclosure? I don’t know
what’s 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.