equity of redemption
noun[S]
LAW,PROPERTYukusthelegalrightto own apropertyafter havingpaidamortgageon it,evenif somepaymentshave been late:
Where thepaymentson amortgagehave not beenmetand theinstrumenthas not beenforeclosed, the mortgagor still has what isknownas anequityofredemption.