Maria is a Maryland homeowner who has received notice that a trustee's sale on her home is scheduled for next month. She wants to stop the foreclosure by paying off the entire loan balance, including all fees and costs. Which legal right allows her to do this before the sale is completed?
Correct Answer
D) Equity of redemption, allowing her to redeem the property by paying the full debt before sale
The equity of redemption is the borrower's common law right to prevent foreclosure by paying the full outstanding loan balance, accrued interest, and costs before the foreclosure sale is completed. In Maryland, this right exists up until the point of sale. By exercising the equity of redemption, Maria can satisfy the debt and have the deed of trust released, retaining ownership of her home. This is a fundamental protection for borrowers facing foreclosure.
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