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Simple English definitions for legal terms

clog on the equity of redemption

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A quick definition of clog on the equity of redemption:

A clog on the equity of redemption is an agreement or condition that prevents someone who has defaulted on their mortgage from getting their property back without any encumbrances after paying off their debt or fulfilling their obligation. The equity of redemption is the right of a person who has defaulted on their mortgage to recover their property before it is sold in foreclosure by paying off the principal, interest, and other costs that are due. This right allows the person to reimburse the mortgagee and cure the default until the foreclosure sale. In some places, the person also has a statutory right to redeem the property within six months after the foreclosure sale and is entitled to any surplus from the sale proceeds above the outstanding mortgage amount.

A more thorough explanation:

Definition: A clog on the equity of redemption is an agreement or condition that prevents a mortgagor (borrower) from getting back their property free from any encumbrance (legal claim) upon paying the debt or fulfilling the obligation for which the security was given.

Equity of Redemption: The equity of redemption is the right of a mortgagor in default to recover their property before a foreclosure sale by paying the principal, interest, and other costs that are due. This means that a mortgagor has the right to reimburse the mortgagee (lender) and cure the default until the foreclosure sale. In some jurisdictions, the mortgagor also has a statutory right to redeem within six months after the foreclosure sale, and the mortgagor becomes entitled to any surplus from the sale proceeds above the amount of the outstanding mortgage.

Example: Let's say John took out a mortgage to buy a house. He fell behind on his payments, and the lender threatened to foreclose on the property. John managed to come up with the money to pay off the debt, but the lender refused to release the property unless John paid an additional fee. This fee is a clog on the equity of redemption because it prevents John from getting back his property free from any encumbrance upon paying the debt.

Explanation: The example illustrates how a clog on the equity of redemption can prevent a mortgagor from recovering their property even after paying off the debt. In this case, the lender is imposing an additional fee that is not related to the debt or obligation for which the security was given. This fee is a clog on the equity of redemption because it prevents John from exercising his right to redeem the property and get it back free from any encumbrance.

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Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
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