Equity Of Redemption Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Equity Of Redemption, written in plain English, along with examples of how it is used.
What is Equity Of Redemption?
n. the right of a mortgagor (person owing on a loan or debt against their real property), after commencement of foreclosure proceedings, to “cure” his/her default by making delinquent payments. The mortgagor also must pay all accumulated costs as well as the delinquency to keep the property.