Which of the following best describes the mortgagor's right to pay off the entire debt after a default?

The concept of "redemption" pertains to the mortgagor's right to pay off the entire debt, especially after a default, in order to reclaim the property. This right allows a borrower to satisfy their outstanding obligations, thus preventing foreclosure or loss of the property. Redemption can occur before or after a foreclosure has taken place, depending on the specific legal framework in the state. In Indiana, for example, the process allows the mortgagor to pay the debt, including any accrued interest and legal costs, to restore their ownership rights.

This option clearly contrasts with pre-payment, which generally refers to the ability to pay off a loan earlier than scheduled without additional penalties. Alienation is related to transfer of property rights, while reversion typically applies to property returning to a previous owner under specific conditions, such as after a lease expires. Therefore, "redemption" is the best descriptor for the right of a mortgagor to pay off the debt following a default situation.