Rights of the Mortgagor (Borrower)

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Residential Mortgages

Section 37 of 41

Rights of the Mortgagor (Borrower)Just because you missed a payment doesn't mean you lose the house instantly. You have a chance to save it.Equity of Redemption is the right of the borrower to "redeem" (save) their property by paying off the entire debt (principal + interest + legal costs) before the foreclosure sale occurs. This right exists from the moment of default up until the moment the gavel bangs at the auction. Once the sale is complete, this right is extinguished in Florida.