droit de rachat en common law

OBS: droit de rachat en common law : terme normalisé par le Comité de normalisation, Promotion de l’accès à la justice dans les deux langues officielles (PAJLO).

CONT: The Court also distinguished between the legal right of redemption in foreclosure proceedings and a borrower’s contractual right to reinstate a defaulted loan. By law, a defaulting borrower in foreclosure is entitled to redeem his or her property by paying the entire principal and interest due before confirmation of the sheriff’s sale. When that happens, the lender has a legal duty to dismiss the foreclosure proceedings and may not condition that dismissal on payment of attorney fees. This differs from a contractual right to reinstate a loan. In that instance, the borrower typically pays only the amounts needed to make the loan current and continues all future payments on the previously agreed-upon schedule.