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

Quizplus · Accepted Answer

Tom can redeem the property by paying the full amount of the debt, including any interest and costs, before the foreclosure sale takes place. This is known as the right of redemption.

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