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Borrower defaults on a mortgage. The lender accelerates the debt and schedules a foreclosure sale. The jurisdiction has no post-sale redemption statute.
Which statement about redemption is most accurate?

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The mortgagor's equity of redemption can be waived in the original mortgage documents if the waiver is clear. Junior lienholders never have redemption rights. Redemption is unavailable whenever the property value has declined. The mortgagor may redeem before foreclosure sale by paying the mortgage debt, but post-sale statutory redemption exists only if a statute provides it.

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