Escrow & Title
The equitable right of redemption in Georgia allows a borrower to:
AReclaim property after a completed non-judicial foreclosure
BRedeem the property by paying all overdue amounts before the foreclosure is completed✓ Correct
CExtend the foreclosure timeline indefinitely
DChallenge the foreclosure in court after the sale
Explanation
The equitable right of redemption allows a borrower to stop a foreclosure by paying all overdue amounts (cure the default) before the sale occurs. Once the non-judicial foreclosure sale occurs in Georgia, this right is generally extinguished.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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