helpppppppppp me pretty please...on property law?

Question

the rule regarding `clogs` on the equity of redemption is outmoded and could safely be excised from the law`

discuss

any help il be very grateful....i kind of know my stuff but not enough so if anyone can help id love you forever..

thankyou

Answer 1

No, it isn't outmoded at all. Equity of Redemption is the right of a defaulting purchaser to pay their mortgage in full before the foreclosure sale takes place. There are also statutory rights of redemption, which allow a buyer up to a year AFTER the forclosure sale has taken place to pay off their mortgage in full. Quite frankly, for most purchasers who are defaulting, a debt consolidation loan is a solution. That loan would pay off the first mortgage, and usually with better financing terms, interest, etc. Also, it would have a payment plan that is easier for the purchaser, as it includes ALL debts (credit cards, loans, etc.). As for regular utility bills, Budget Billing is available to ANYONE. This is where your utility company gives you a flat fee for each month. That fee only changes at the end of the year IF your usage has gone UP. Otherwise, it stays the same.
If the Equity of Redemption were excised from the law it would not allow people a second chance to pay off their mortgage. Also, it would not allow mortgagees (lenders) to collect on defaulting loans with nearly the ease that it does now.