Even after a property goes into foreclosure, it is still possible for the borrower to reclaim the property as long as they produce the outstanding mortgage balance and all foreclosure costs incurred to that point. In a state such as Georgia, this right only extends to the date of the foreclosure sale. When this occurs, this right is more commonly referred to as:

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The right of the borrower to reclaim a foreclosed property by paying the outstanding mortgage balance and foreclosure costs is known as equity of redemption. This right is limited to a certain time period, which varies by state. In Georgia, it extends only to the date of the foreclosure sale. Statutory redemption, on the other hand, is a separate right that some states provide, allowing the borrower to reclaim the property for a certain amount of time after the foreclosure sale by paying the sale price plus interest and costs. Strategic default refers to the deliberate decision by a homeowner to stop paying their mortgage, while substantive default is a legal term for a borrower's failure to meet the terms of their mortgage.

Even After a Property Goes into Foreclosure, It Is Still