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Right of redeem is the right to recover something by making certain payments. Mortgagor's right of redemption means mortgagor's right to recover or get back the property after making payment of loan. Mortgage is a transfer of an interest in immovable property for securing the loan. By way of security, the mortgagor transfers an interest in his immovable property. If the loan has been paid, the interest so transferred must revert back to the mortgagor. The mortgagee cannot retain any interest in the mortgage-property if debt does not exist.
Equity redemption is a right that only applies to owner/mortgagor/borrower not lender/mortgagee; therefore, the answer is NO.
Hi, In a foreclosure the legal and specialized proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. This is because the mortgagor is not able to pay the loan amount. Visit here for more details: http://m3reo.com/
Are you certain that you do not mean the Mortgagee? The mortrgagee is the lender? The Mortgagor is the person who is BUYING the house.If, however, you are renting a home from someone who has a mortgage on the property, and the mortgagor is actually your landlord, yes, landlords DO have the right to enter their rental property to inspect it.If you actually mean to ask abaout a mortgagee's authority to enter your home; no, they do not have the rights that a landlord does. and would need either your permission, or a court document granting them access to the house.However, once the home has actually been foreclosed on, they do have the right to enter THEIR property.
The borrower is the mortgagor. The lender is the mortgagee. Generally, if the mortgagor doesn't pay the mortgage the lender can foreclose as long as they reserved the right to do so in the mortgage document. Generally, legal title to real estate does not pass through abandonment.
There is no statutory right to redemption in Illinois; however Illinois does have an equitable right of redemption which is a borrowers right to clear debt prior to foreclosure (short sale). The equitable right of redemption lasts for 7 months after date of service or the first publication date whichever is later.
no
There is no "right of redemption" for the purchase of a home. Right of redemption applies to a tax taking of your land by the town for non-payment of real estate taxes. If you don't pay your property taxes the town has the legal right to take your property. You can get your property back, i.e., redeem it, by paying the back taxes and interest. That is what is meant by the "right of redemption".
yes
i hpoe you mean red DEAD redemption and it has a demo
yes
These are the states that do not have redemption period: The five states they list as having no redemption period are: Texas, Georgia, Virginia, DC, and New Hampshire The rest do have different time lines for redemption.