Escrow & Title
A Maine property is sold at a foreclosure auction. The original owner's right to reclaim the property by paying the debt is called:
ARight of redemption✓ Correct
BRight of reversion
CRight of remainder
DRight of rescission
Explanation
The right of redemption allows a defaulted borrower (or junior lienholder) to reclaim the property by paying off the debt plus costs and fees within the legally prescribed period, either before (equity of redemption) or after (statutory redemption) the foreclosure sale.
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