EQUITY OF REDEMPTION
The right of a mortgagor, that is, a borrower who
obtains a loan secured by a pledge of his or her real
property, to prevent foreclosure proceedings by
paying the amount due on the loan, a mortgage,
plus interest and other expenses after having failed
to pay within the time and according to the terms
specified therein.
This right is based upon the equitable prin-
ciple that it is only fair that a borrower have a
final opportunity to keep his or her property
even if he or she has failed to make payments on
the mortgage, since the property is to be sold in
foreclosure proceedings.
The equity of redemption must be exercised
by a mortgagor within a certain time after hav-
ing defaulted on an obligation. It exists only
from the time of default to the time that fore-
