“Right of Withdrawal.” Legal Dictionary, Merriam-Webster, Retrieved 14 January 2022. The ability to exercise a right of refund, as well as the length of the repayment period, varies from state to state. The right of redemption allows people who have defaulted on their mortgages to recover their property by paying the amount owing (plus interest and penalties) before the foreclosure proceedings begin, or in some states even after a foreclosure sale (for the foreclosure price plus interest and penalties).
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