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Washington Law Review

Abstract

Although much has been written criticizing the statutory right of redemption from real estate foreclosures, it still exists in Washington and a majority of the United States. The basic reason for its continued existence is the strong trend throughout modern timnes to give greater protection to the "oppressed debtor." The history of the moratoria legislation of the last depression is the strongest evidence of the sympathy for the debtor class, and the statutory right of redemption comprises not only a large part of the trend, but it is the place where the policy of favoring the mortgage debtor has reached the point of diminishing returns. The right does not favor the borrower but rather hinders him in obtaining a loan adequate in relation to the amount of his security. When this is coupled with the extreme disadvantages to the mortgage lender, it is hard to find a rational basis for its continued existence in such a large number of states. The only explanation is the failure of the legislatures to realize the actual effect of the statutory period. It is the purpose of this article to show the effect and to point out reasons why the redemption statute should be repealed, or, at least, the period shortened from the extreme length of one year.

First Page

39

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