Finance
In Florida, what is the 'right of redemption' in a mortgage foreclosure context?
AThe lender's right to reclaim the property after the borrower defaults
BThe borrower's right to reclaim the property by paying all amounts owed, before or sometimes after foreclosure✓ Correct
CThe state's right to acquire property for public use
DThe title company's right to redeem a defective title policy
Explanation
The right of redemption allows a mortgagor (borrower) to reclaim their property by paying the full amount owed (including costs) before or sometimes after foreclosure sale. Florida has a statutory right of redemption that can be exercised until the court issues a certificate of sale.
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