What is required for a borrower to stop a foreclosure through equitable right of redemption?

The equitable right of redemption allows a borrower facing foreclosure to reclaim their property by paying off the total amount owed on the mortgage, including any fees, costs, and interest, before the foreclosure sale takes place. This means that in order to utilize this right, the borrower must have the financial capability to satisfy the entire debt obligation.

Therefore, the necessity of having the money to pay the lien in full is essential for stopping the foreclosure process. This right serves as a protective measure for borrowers to prevent the loss of their home, provided they can settle their outstanding debts in a timely manner before the sale occurs.

The other options do not meet the requirements as effectively. For example, having a valid reason for default does not affect the financial obligation owed. A new appraisal may not influence the borrower's ability to redeem the property if they cannot pay the debt. Additionally, approval from the lender is not a requirement for exercising the equitable right of redemption, as the right exists independently of the lender’s consent. Thus, being able to pay the existing debt is the crucial element in this scenario.