What must a borrower do to exercise their Equity of Redemption?

To exercise their Equity of Redemption, a borrower must pay the entire balance of the debt plus any accrued interest. The Equity of Redemption is a legal right that allows borrowers to reclaim their property after defaulting on their mortgage by paying off the total amount owed before a foreclosure sale takes place.

This means that to avoid losing the property, the borrower must settle the full debt, which includes both the principal amount and any accumulated interest. Essentially, it allows the borrower a final opportunity to recover their home before the foreclosure process is completed. In this context, simply paying the interest or waiting until after the foreclosure sale would not be sufficient to reclaim the property. Similarly, filing a claim with the court does not directly facilitate the redemption process without settling the debt. Thus, the requirement of paying the entire balance ensures that the lender is fully compensated before the borrower can reclaim their ownership of the property.