Under statutes enacted in many states, a mortgagor has one last chance to recover his property, even after foreclosure. This is known as the right of:

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The right of redemption allows a mortgagor to recover his property after foreclosure by paying the full amount owed on the mortgage, plus any additional costs and fees. This right is usually time-limited and subject to certain conditions, but it gives the mortgagor a final opportunity to keep the property. Subrogation, exoneration, acceleration, and redlining are different legal concepts that do not apply to this situation.

Under Statutes Enacted in Many States, a Mortgagor Has One