Question

The right of a borrower to cure a default prior to foreclosure is called the _____.

a) Right of Redemption
b) Right of Recourse
c) Right of Reclamation
d) Right of Revocation

Answer 1

The right of a borrower to cure a default prior to foreclosure is called the Right of Redemption.

Step-by-step explanation:

The right of a borrower to cure a default prior to foreclosure is called the Right of Redemption.

The right of redemption refers to the legal right of a borrower to reclaim or recover their property by paying off the outstanding debt, including any associated costs and fees, even after the property has been foreclosed upon or repossessed. This right is time-limited and is typically available during a specific period known as the redemption period.