equity of redemption


The owner's right to recover property before the foreclosure sale, providing he comes up with enough money for loan payments and real estate taxes. If the owner can raise enough funds to pay principal, interest, and taxes on the property, he can reclaim the property before a foreclosure sale, even though foreclosure proceedings may be under way.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
equity note equity option