This right is based upon the equitable principle that it is only fair that a borrower have a final opportunity to keep his or her property even if he or she has failed to make payments on the mortgage, since the property is to be sold in foreclosure proceedings.
The equity of redemption must be exercised by a mortgagor within a certain time after having defaulted on an obligation. It exists only from the time of default to the time that fore-closure proceedings are commenced.
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