The right of a mortgagor to regain the property by paying the debt after a foreclosure sale is called...

The right of a mortgagor to regain ownership of the property by paying off the debt after a foreclosure sale is known as redemption. This legal concept allows the borrower, who has fallen behind on mortgage payments, to reclaim the property by clearing the outstanding mortgage balance, typically within a specific timeframe after the foreclosure process is completed.

Redemption rights can vary from state to state. In some jurisdictions, the mortgagor may have the right to redeem the property up until the actual foreclosure sale, while in others, this right extends for a certain period after the sale. This concept is significant because it establishes a crucial opportunity for borrowers to recover their property and emphasizes the importance of adhering to contractual obligations associated with the mortgage.

The other terms in the options refer to different aspects of the mortgage process. Reinstatement typically refers to the action of bringing a mortgage current by paying off all past due amounts, but it does not encompass regaining ownership after a foreclosure sale. Foreclosure is the legal process by which a lender takes possession of a property due to default on the loan. Equitable title refers to the interest a buyer has in real estate upon entering into a contract, even though formal legal title has not yet passed. Understanding these distinctions is essential