Exclusive Right of Redemption

The Exclusive Right of Redemption is a legal provision allowing a homeowner or borrower to reclaim their property after a foreclosure sale, within a specified period. During this time, they can pay all overdue amounts and costs to regain full ownership, regardless of the new purchaser. This right is "exclusive," meaning only the original homeowner can exercise it, and the period is limited by law. It helps homeowners attempt to retain their property if they act within the designated timeframe, providing a valuable opportunity to cure a default even after losing possession through foreclosure.