Equity of redemption

{
  "id": "MLC-T-LAW-001902",
  "term": "Equity of redemption",
  "field": "Law",
  "definition": "The right of a mortgagor to reclaim property by paying off the mortgage debt, even after default and foreclosure proceedings have begun. This right allows the borrower to prevent the loss of their property by satisfying the outstanding loan amount, including principal, interest, and any associated costs. It is a fundamental protection for property owners against immediate forfeiture.",
  "url": "https://mlchart.com/terminology/law/equity-of-redemption/"
}