Which of the following statements best describes rights of redemption?
A) A second lender lends the owner the additional funds and agrees to take over the servicing of the first loan.
B) Some states provide the mortgagor and certain other categories of interested persons the right to reacquire the property within a statutory limited period,ranging from two months to two years after the sale.
C) In this legal process,a mortgagee puts a piece of property up for sale to the public to raise cash to pay off a debt owed by the mortgagor to the mortgagee.
D) A lender advances the funds as the development-the acquisition and improvement of a commercial property-progresses.

Question

Quizplus · Accepted Answer

Rights of redemption refer to the right of the borrower to regain their property within a certain period of time after foreclosure. Some states provide this right to the mortgagor and other interested parties, such as junior lien holders or tenants. The time period for exercising this right varies by state and can range from two months to two years after the sale. Option A describes a second mortgage, option C describes a foreclosure sale, and option D describes a construction loan.

Which of the Following Statements Best Describes Rights of Redemption