In our recent article: “The Equity of Redemption,” we discussed, not surprisingly, the equity of redemption -- a homeowner’s right to tender to a foreclosing lender the full amount due on a defaulted loan at any time before the foreclosure sale.

In New York, the equity of redemption is a long standing common law right that allows those with certain interests in real property to redeem mortgaged property and prevent a foreclosure sale by tendering the full amount due at any time before the foreclosure sale.