medium · National Real Estate Exam
A borrower is facing foreclosure and wants to know about the 'statutory right of redemption.' You should explain that this right:
- Is available in every state as a federal consumer protection right.
- Allows the borrower to reclaim the property after the foreclosure sale has occurred, if permitted by state law.
- Requires the borrower to pay only the missed payments to stop the foreclosure.
- Prevents the lender from ever filing a deficiency judgment.
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