Definition: Equity of redemption is the right to prevent loss of mortgaged property by satisfying the required debt and charges before the applicable redemption deadline.
Example
A mortgagor tenders the required payment within the legally allowed period to redeem the property.
Keep the distinction clear
For Florida timing, section 45.0315 refers to the later of filing the certificate of sale or the time stated in the foreclosure judgment. Do not assume a general redemption period after foreclosure is completed.
Related terms
Foreclosure · Default · Mortgagor
Keep studying
Mortgages: Borrower, Lender, Ownership, and Key Clauses
References: Florida Statutes 45.0315: right of redemption
Pronunciation (US): EK-wih-tee uhv rih-DEMP-shuhn (capitals show stress)
Pronunciation reference: Merriam-Webster
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