A mortgagor is not entitled to redeem the mortgaged property before the day fixed in the mortgage contract for payment of the principal1, unless the mortgagee has taken steps to recover payment by taking possession of the property or otherwise2. On that day the mortgagor has a legal right, on payment of what is due, to recover the mortgaged property3. After that day has passed and default has been made, he has an equitable right to redeem the
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