Question

Shortly after the foreclosure sale, the man received a substantial inheritance. He approached the bank to repurchase the property, but the bank decided to build a branch office on the property and declined to sell. If the man prevails in an appropriate action to recover title to the property, what is the most likely reason

Answer 1

statutory right of redemption

Step-by-step explanation:

Statutory right of redemption is a certain amount of time given by states to previous mortgagors allowing them to raise the money to pay off the debts of their property and cancelling the mortgage. This allows the prior owner (mortgagor) to recover his/her property even after a foreclosure has been carried out. The time is set by the state and varies depending on the state. Some states do not allow this.