/ˈɛkwɪti ʌv rɪˈdɛmpʃən/ – Phrase
Definition: quyền của người vay được chuộc lại tài sản đã thế chấp.
A more thorough explanation: Equity of redemption refers to the right of a mortgagor to reclaim their property by paying off the mortgage debt, even after a default has occurred. This right exists until the foreclosure sale is completed, allowing the borrower to redeem the property by satisfying the debt and any associated costs.
Example: In the event of default on the mortgage, the borrower retains the equity of redemption, allowing them the opportunity to repay the outstanding debt and reclaim ownership of the property.