In many states, by paying the debt after a foreclosure sale, the mortgagor has the right to regain the property. What is the right called?

The concept being described is indeed the Statutory Right of Redemption. This right allows a mortgagor to reclaim their property after a foreclosure sale by paying off the total amount owed, including any applicable fees and costs. The key aspect of this right is that it is defined by state law, which may vary in terms of the time frame and conditions under which this right can be exercised.

In many jurisdictions, the Statutory Right of Redemption provides a vital safety net for homeowners, allowing them an opportunity to recover their home even after it has been sold at foreclosure. The emphasis is on the legal provisions established in the state that grant the mortgagor this chance to redeem their property.

The other options, while related to redemption or foreclosure situations, do not accurately represent the specific right described in the question. The Equitable Right of Redemption refers to the ability of a borrower to pay off the mortgage and reclaim the property before the foreclosure sale itself, which differs from the timing and context of the statutory right. The Right to Reconvey pertains to the process of transferring property back when a loan is paid off in full, and the Right of Reinstatement allows a borrower to cure a default by paying the overdue amount before foreclosure, which