The defendants are entitled to equity of redemption
in judicial foreclosure proceedings-that is, they may pay the amount ascertained by the court to be due upon the mortgage debt, including interests and other charges, and costs to the court or plaintiff within a period not less than 90 days nor more than 120 days from the entry of judgment.
In Part II of this paper, the focus is on whether the mortgagor or other holder of the equity of redemption (7) who purchases the property at the foreclosure sale of a senior lien acquires a title free and clear of junior interests.
FORECLOSURE PURCHASE BY THE HOLDER OF THE EQUITY OF REDEMPTION
This Part focuses on a variety of fact situations where the original mortgagor or the holder of the equity of redemption purchases at the foreclosure of a senior mortgage or other lien.
(52) As the holder of the equity of redemption who purchased at a foreclosure sale that she precipitated, the assuming transferee is thus treated no differently than the original mortgagor.
We already have learned that if a mortgagor (or other holder of the equity of redemption) and a third party collude to have the latter purchase at the foreclosure sale and then transfer title back to the mortgagor, junior interests revive upon the mortgagor's reacquisition of title.
Under this approach, the original holder of the equity of redemption, albeit tainted by unclean hands, becomes the beneficiary of a policy designed to protect bona fide purchasers and foster real estate marketability.