Real Estate Practice : Lesson 1869

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Education & Training with The Real Estate Mart of Tennessee, Inc. TN LIC# 290452

                                                                 #1869

If a borrower is facing nonjudicial foreclosure the borrower is entitled to the right of being able to cure the default on the loan by paying off the delinquincy and reinstating the loan before the trustee's sale is held.

This right is known as the equitable right of redemption.

Is this fact true or false ?

Please take your time. The solution is posted below the wildlife photo.

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A. False & True

The equitable right of redemption is reserved for the borrower in a judicial foreclosure, not a nonjudicial foreclosure.

The borrower may however cure the loan before the nonjudicial sale and this is known as the right of reinstatement before the sale.

In a nonjudicial foreclosure the property is usually not allowed any post-sale redemption options.

Consult with a legal professional for more on how redemption is applied following or before a foreclosure sale.

 

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Topic:
Real Estate Best Practices
Location:
Tennessee Shelby County Memphis
Groups:
Realtors®
Education
Tags:
theory and practice

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