To buy a house, Tom obtains a mortgage loan with Universal Credit Union. Later, Tom defaults on the loan. Universal informs him that the property will be sold in a foreclosure proceeding. Before the sale, to gain title and regain possession, Tom can

Question

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Redeeming the property allows the borrower (Tom) to pay off the outstanding loan balance and any additional costs to regain title and possession of the property before the foreclosure sale. This is known as the right of redemption.

To Buy a House, Tom Obtains a Mortgage Loan with Universal