Under the common law theory, a mortgagee's title could become a fee simple absolute if the mortgagor missed the payment by one day.

Name: Under the common law theory, a mortgagee's title could become a fee simple absolute if the mortgagor missed the payment by one day.
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Under the common law theory, a mortgagee's title could become a fee simple absolute if the mortgagor missed the payment by one day, as the mortgagor's right to redeem the property would be extinguished.

Under the Common Law Theory, a Mortgagee's Title Could Become