What is the right of a person to regain his or her property after a foreclosure sale called?

The right of a person to regain his or her property after a foreclosure sale is known as redemption. This legal process allows a borrower to reclaim property by paying off the debt owed, including any additional fees or costs that may have accrued, typically within a specific time frame after the foreclosure sale has taken place. This mechanism is designed to give homeowners a chance to recover their properties, thereby reinforcing the principle of fairness by allowing them a second chance to remedy their financial situation.

The other terms listed do not apply in this context. Restitution generally refers to the act of returning or compensating for lost or damaged property, often in a legal context involving compensation to an injured party, rather than reclaiming property after a foreclosure. Restoration involves returning something to a former condition but does not specify the reclaiming of property through financial means. Reversion typically relates to the return of property ownership to a grantor after the conclusion of a particular condition or term, not specifically tied to foreclosure situations.