What Does a Right of Redemption Allow in Connection with a Mortgage

What does a right of redemption allow in connection with a mortgage or deed of trust?

A) It allows the granting of a second mortgage on the same property that is already secured.
B) It allows the lender to use the property to satisfy the debt if it goes into default.
C) It allows the use of a deed of trust arrangement in place of a conventional mortgage.
D) It allows the ability to foreclose on the property without court action.
E) It allows the borrower to recover foreclosed property by paying off the related debt.