(1) In all cases where real property is sold under an order or decree of the circuit court or a court exercising circuit jurisdiction in the foreclosure of mortgages and deeds of trust, the mortgagor or his or her heirs or legal representatives shall have the right to redeem the property so sold.
(2) This may be done at any time within one (1) year from the date of sale, by the payment of the amount for which the property was sold, together with interest thereon, at the rate borne by the decree or judgment, and the cost of foreclosure and sale.
(3) The mortgagor may waive the right of redemption in the mortgage or deed of trust so executed and foreclosed.