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Simple English definitions for legal terms

statutory right of redemption

Read a random definition: Twenty-fourth Amendment

A quick definition of statutory right of redemption:

Statutory Right of Redemption: This is a legal right that allows someone who has not been able to pay their mortgage to get their property back after it has been sold in a foreclosure sale. To do this, they must pay the amount they owe, including interest and other costs, and fix the problem that caused them to default on their mortgage. This right is different in each state and is not always available.

A more thorough explanation:

The statutory right of redemption is a legal right that allows a mortgagor (borrower) to recover their property after a foreclosure sale by paying the amount owed, including principal, interest, and other costs, to cure the default. This right exists in many states but is not the same in all states.

For example, if a homeowner defaults on their mortgage payments and the lender forecloses on the property, the homeowner may still have the right to redeem the property by paying the outstanding debt within a certain period of time. This right gives the homeowner a chance to keep their property and avoid losing it to foreclosure.

However, it's important to note that the specifics of the statutory right of redemption can vary depending on the state and the terms of the mortgage agreement. Some states may have a shorter redemption period or may not offer this right at all.

statutory release | statutory successor

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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