Right of redemption

{
  "id": "MLC-T-LAW-004335",
  "term": "Right of redemption",
  "field": "Law",
  "definition": "The legal right of a mortgagor or debtor to reclaim property that has been foreclosed or seized, by paying the outstanding debt, interest, and costs within a specified period. This right allows the original owner to recover their property even after a foreclosure sale has occurred. Statutory redemption periods vary by state, often ranging from a few months to over a year.",
  "url": "https://mlchart.com/terminology/law/right-of-redemption/"
}