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In a mortgage foreclosure process, the time between the foreclosure filling date and the auction sale is called the "Equity of Redemption Period". Once the home has been sold, most States grant a time period such as six months for the defaulting owner to repay the debt and fees. This is referred to as the "Statutory Period of Redemption".
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Is there a statutory right of redemption in California?
There is no statutory right to redemption in Illinois; however Illinois does have an equitable right of redemption which is a borrowers right to clear debt prior to foreclosure (short sale). The equitable right of redemption lasts for 7 months after date of service or the first publication date whichever is later.
What is the meaning of equitable?
Possessing or exhibiting equity; according to natural right or natural justice; marked by a due consideration for what is fair, unbiased, or impartial; just; as an equitable decision; an equitable distribution of an estate; equitable men., That can be sustained or made available or effective in a court of equity, or upon principles of equity jurisprudence; as, an equitable estate; equitable assets, assignment, mortgage, etc.
Is an interim injunction a legal or equitable remedy?
Injunctions are equitable remedies, they are not remedies which the claimant has a right to and are therefore given at the discretion f the court.
In federal court parties have a right to trialby jury when seeking equitable relief?
The statement that federal court parties have the right to trial by jury when seeing equitable relief is true. This right was put into place when the 7th Amendment was ratified.
Is there a statutory right of redemption in MA?
yes
What is the number of days for a right of redemption for a Florida single family home purchase?
There is no "right of redemption" for the purchase of a home. Right of redemption applies to a tax taking of your land by the town for non-payment of real estate taxes. If you don't pay your property taxes the town has the legal right to take your property. You can get your property back, i.e., redeem it, by paying the back taxes and interest. That is what is meant by the "right of redemption".
Equitable interest and legal interest?
Equitable interest refers to a person's right to benefit from a property, in contrast to legal interest which refers to the actual ownership of the property. Equitable interests arise from equitable principles and may include rights like a beneficial interest under a trust. Legal interests are recognized by law and provide clear ownership rights over a property.
What happens in a foreclosure?
Hi, In a foreclosure the legal and specialized proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. This is because the mortgagor is not able to pay the loan amount. Visit here for more details: http://m3reo.com/
Is there a list of statutory right of redemption states?
These are the states that do not have redemption period: The five states they list as having no redemption period are: Texas, Georgia, Virginia, DC, and New Hampshire The rest do have different time lines for redemption.
Is there a redemption period in the state of Georgia for foreclosed homes?
In some states, a lender can seek a personal judgment against the debtor regarding the redemption period for foreclosed homes. In Georgia, there is no statutory right of redemption.
Is there an equity of redemption for a second mortgage holder in Connecticut?
Equity redemption is a right that only applies to owner/mortgagor/borrower not lender/mortgagee; therefore, the answer is NO.
Are Laws are classified as procedural and equitable?
No, laws are not procedural or equitable
