Equity of Redemption

Definition of Equity of Redemption

The right of the mortgagor of an estate to redeem the same after it has been forfeited, at law, by a breach of the condition of the mortgage, upon paying the amount of debt, interest and costs. Brown v. United States, C.C.A.Pa., 95 F.2d 487, 489. A right a mortgagor is given to redeem his property from default; period from the time of default until foreclosure proceedings are begun.

That's the definition of Equity of Redemption in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.