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Definition for

Redemption

The right of an owner to redeem or reclaim the real estate by paying the debt or charge (such as a Deed of Trust or tax lien) after default, together with interest and costs. More correctly, equity of redemption refers to the right to redeem the property after default but before foreclosure; the statutory right of redemption refers to the right to redeem the property after foreclosure, or other enforcement action, during a certain period of time specified by statute. For example, in Colorado, the mortgagor has the statutory right to redeem his property any time within six months for agricultural property or 75 days for platted residential properties after a Deed of Trust foreclosure or three years after a sale for delinquent property taxes.

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