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Simple English definitions for legal terms
statutory redemption
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A quick definition of statutory redemption:
Statutory redemption is a legal right that allows someone who has lost their property due to foreclosure or tax sale to get it back by paying the outstanding debt or charges within a specific period. This is to prevent the property from being sold at a price much lower than its actual value. It's like getting a second chance to keep your property if you can pay what you owe.
A more thorough explanation:
Statutory redemption is a legal right that allows a borrower to recover their property within a specific period after a foreclosure or tax sale by paying the outstanding debt or charges. This right is granted by law to protect against the sale of property at a price far less than its value.
For example, if a homeowner defaults on their mortgage and the property is foreclosed, they may have a certain amount of time to redeem the property by paying the outstanding debt. This allows them to keep their home and avoid losing it to the lender.
Another example is tax redemption, where a taxpayer can recover their property that was taken for nonpayment of taxes by paying the delinquent taxes, interest, costs, and penalties.