Final answer:
The owner's right to reclaim a mortgaged property following a sheriff's sale is known as the Right of Redemption. It involves paying the balance with additional costs within a legally specified period.
Step-by-step explanation:
The right of an owner to reclaim his mortgaged property following the sheriff's sale is known as: a. Right of Redemption. This legal right essentially allows the original owner of a property to recover the property after it has been sold at a foreclosure auction, provided they pay the necessary amount specified by law.
This amount typically includes the unpaid balance of the mortgage, along with certain additional costs and interest. The time frame during which a former owner can exercise the Right of Redemption varies by state, but it is a specific period set by state law after the sheriff's sale has occurred.