1. Equity of redemption – right of mortgagor to redeem the mortgaged property after his default in the performance of the conditions of the mortgage but before the sale of the mortgaged property or confirmation of sale. It applies in case of judicial foreclosure.
2. Right of redemption – right of the mortgagor to redeem the mortgaged property within one year from the date of registration of the certificate of sale. It applies in case of extrajudicial foreclosure.