What term describes a seller's right to pay off a mortgage before foreclosure?

The term that accurately describes a seller's right to pay off a mortgage before foreclosure is the equitable right to redemption. This concept allows a borrower to reclaim their property by paying off the outstanding debt plus any associated fees before the foreclosure process is completed.

In New Jersey, the equitable right to redemption applies as a protection for homeowners, allowing them to prevent the loss of their property by settling the debt they owe. This right emphasizes the importance of the borrower being able to regain control of their property by fulfilling their financial obligations, thus providing an opportunity to avoid foreclosure.

While foreclosure avoidance may seem relevant, it isn't the specific legal term that describes the seller's right to pay off their mortgage. It generally refers to various methods or actions that can be taken to prevent foreclosure rather than the specific entitlement of redemption. Judicial foreclosure refers to a formal legal process used by lenders to recover the amount owed by taking ownership of the property through the court system, which differs from the right to redeem. The term "equitable right to recall" is not a standard term used in real estate or foreclosure contexts and does not accurately represent the seller's rights.

Understanding the equitable right to redemption is crucial as it empowers homeowners to retain ownership and avoid the detrimental impact of foreclosure on