In the context of mortgages, what does 'redemption' enable the mortgagor to do?

The concept of "redemption" in the context of mortgages primarily enables the mortgagor to regain ownership of their property after a foreclosure event. This process allows homeowners who may have fallen behind on payments a chance to pay off the debt, including any accumulated fees or interest, and reclaim their property from the foreclosure process.

Redemption laws vary by state; some allow a homeowner to redeem their property even after a foreclosure sale, while others may limit redemption periods. This right is particularly crucial as it can provide a safeguard for homeowners facing financial difficulties, offering them the opportunity to stabilize their situation and prevent the loss of their home.

The other options, such as increasing the loan amount, transferring the mortgage, or securing additional financing, do not align with the primary purpose of redemption in a foreclosure scenario, which focuses solely on the recovery of property ownership.