FinanceQuestion 83 of 120
A borrower's ability to reclaim the property by paying the full debt before a foreclosure sale is known as the:
a.Right of rescission
b.Right of subrogation
c.Equitable right of redemption
d.Statutory acceleration
Explanation
The equitable right of redemption lets a defaulting borrower pay the entire debt plus costs to stop the foreclosure and keep the property before the sale. Some states also provide a statutory redemption period after the sale for certain loans.
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