What is the primary purpose of statutory redemption for a mortgagor?

The primary purpose of statutory redemption for a mortgagor is indeed the right to recover ownership of the property after foreclosure by paying the sale price. Statutory redemption laws allow a mortgagor, who has lost their property through foreclosure, a specific period during which they can regain ownership by repaying the amount that the property was sold for at the foreclosure sale, plus any additional costs that may have accrued.

This process is designed to protect homeowners from losing their property without the opportunity to recover their investment. It acknowledges the mortgagor's interests and attempts to provide a pathway to reclaim their home, thereby adding a layer of consumer protection to the foreclosure process.

Typically, the timeframe for exercising this right varies by state, and it highlights the importance of ensuring that mortgagees are given a fair chance to retain ownership of their property, even after a foreclosure has taken place. Other options do not accurately capture the essence of statutory redemption, as they pertain to different aspects of mortgage law or borrower rights unrelated to recovery after foreclosure.