Petition To Foreclose Right Of Redemption
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The two main types of redemption rights include: Equitable Rights of Redemption. The equitable right of redemption is available in all states, and homeowners are free to exercise the right. ... Statutory Right of Redemption.
The right of foreclosure can be exercised only upon the failure of the mortgagor to repay the principal amount. The mortgagee can absolutely bar the mortgagor from exercising his right of redemption by obtaining a court decree. The right of foreclosure, however, is not applicable in case of all the mortgages.
In comparison to the right of foreclosure, the right of redemption is available to the mortgager when the amount of loan has been paid back. i.e. the mortgager by paying back the mortgage money possess the right to take back the mortgaged property.
The right can be exercised by the decree of the court. The mortgagor just has the option to get such declaration regarding the right of redemption can be anticipated until practicing after the decree for forfeiture of the right of redemption can be passed by the court.
[12] Right to foreclosure can be limited in nature subject to the contract between parties, but right to redemption is an absolute right, which cannot be limited in any way.