A man owned property that he used as his residence. The man received a loan, secured by a mortgage on the property, from a bank. Later, the man defaulted on the loan. The bank then brought an appropriate action to foreclose the mortgage, was the sole bidder at the judicial sale, and received title to the property as a result of the foreclosure sale.
Shortly after the foreclosure sale, the man received a substantial inheritance. He approached the bank to repurchase the property, but the bank decided to build a branch office on the property and declined to sell.
If the man prevails in an appropriate action to recover title to the property, what is the most likely reason?
A) He had used the property as his residence.
B) He timely exercised an equitable right of redemption.
C) The court applied the doctrine of exoneration.
D) The jurisdiction provides for a statutory right of redemption.
A mortgage is a security document that allows the borrower to keep title of the property while using the property as security or collateral for a loan. The lender then places a lien on the property in the event the owner does not pay the agreed payment. When the borrower pays off the loan, the lender gives the borrower a satisfaction of mortgage that removes the lien from the property.
Foreclosure is the term for the legal steps mortgage lenders employ to take back property when a borrower has stopped making payments. After many other legal notifications over several months, the bank would attempt to auction off the home to complete a foreclosure.
在这个阶段，借款人可以第二次尝试赎回自己的抵押物。美国很多州规定了法定赎回权（statutory right of redemption），即在止赎售卖（foreclosure sale）的一段时间内，借款人仍可以赎回自己的抵押物。“销售通知”（Notice of Sale）通常会告知借款人赎回期限（the redemption period），具体期限因州而异。一般来说，借款人必须要支付全部欠款，以及止赎过程所消耗的所有费用。
根据题干所给的事实，该房产目前处在止赎售卖(foreclosure sale)状态，即止赎程序的第三阶段。在该阶段，该男子只能通过司法管辖权中的“法定赎回权”（a statutory right of redemption），才能赎回房产——在一定期限内，支付全部欠款，以及止赎过程所消耗的所有费用。所以，选项D正确。