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English definition of “equity of redemption”

equity of redemption

noun [S]     LAW, PROPERTY
the legal right to own a property after having paid a mortgage on it, even if some payments have been late: Where the payments on a mortgage have not been met and the instrument has not been foreclosed , the mortgagor still has what is known as an equity of redemption .
(Definition of equity of redemption noun from the Cambridge Business English Dictionary © Cambridge University Press)
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