What is the statutory right of redemption for borrowers in Georgia limited to?

In Georgia, the statutory right of redemption for borrowers is specifically limited to circumstances involving tax sale foreclosures. This right allows borrowers or property owners to reclaim their property after it has been sold at a tax foreclosure sale, typically within a certain timeframe set by the statute. This right does not apply to non-judicial or judicial foreclosures that are related to mortgages or deeds to secure debt.

The right of redemption is significant because it provides an opportunity for individuals to recover their property after failing to pay property taxes, which serves to protect homeowners from losing their property solely through the inability to meet tax obligations. However, in the case of mortgage foreclosures (either judicial or non-judicial), once the property has been sold, the right to redeem is generally not available, reflecting a different legal framework for those types of foreclosures. Thus, the correct answer accurately reflects the specific nature of the redemption right in Georgia.