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Simple English definitions for legal terms
dismortgage
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A quick definition of dismortgage:
Dismortgage is a term used to describe the act of paying off a defaulted mortgage debt by a borrower who does not want to lose their property. It is also known as redemption. This means that the borrower can reclaim their property by paying a specific price. It is important to note that there is a specified period within which the borrower can recover their property after a foreclosure or tax sale by paying the outstanding debt or charges. This is known as statutory redemption. Tax redemption is another form of dismortgage where a taxpayer can recover their property taken for nonpayment of taxes by paying the delinquent taxes, interest, costs, and penalties.
A more thorough explanation:
Definition: Dismortgage refers to the act of paying off a defaulted mortgage debt by a borrower who does not want to lose the property. It is also known as redemption.
Example: John had taken a mortgage to buy a house, but he was unable to make the payments on time. As a result, the bank threatened to foreclose on the property. To avoid losing his home, John decided to dismortgage by paying off the outstanding debt.
This example illustrates how dismortgage or redemption can help a borrower keep their property by paying off the defaulted mortgage debt.