Escrow & Title
What is the 'right of redemption' in South Carolina foreclosure law?
AThe lender's right to collect full loan amount
BThe borrower's right to reclaim the property by paying off the debt before or sometimes after foreclosure✓ Correct
CThe buyer's right to inspect the property after closing
DThe tenant's right to remain after foreclosure
Explanation
The right of redemption allows a mortgagor (borrower) to reclaim property by paying off the entire debt. Equitable redemption exists before foreclosure; statutory redemption (if applicable) exists for a period after foreclosure sale.
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