What does a statutory right of redemption allow a borrower to do?

A statutory right of redemption provides a borrower the opportunity to reclaim their property after it has been foreclosed upon, by paying off the total amount owed on the mortgage along with any additional costs associated with the foreclosure process. This legal provision allows homeowners who have fallen behind on their mortgage payments to recover their property within a set period after the foreclosure sale, thereby preventing the loss of their home even after it has been auctioned off.

This right often varies by state in terms of the duration and terms under which borrowers can execute the redemption. It's an essential option for many borrowers facing financial difficulties, giving them a chance to take corrective actions and maintain ownership of their property despite the foreclosure proceedings.

Other choices, such as renewing a mortgage, transferring it to another lender, or requesting loan modifications, do not specifically relate to the statutory right of redemption, as they pertain to different aspects of mortgage management and do not involve reclaiming property post-foreclosure.