No mortgagor, his or her heirs, executors, administrators, successors, or assigns shall be allowed to redeem any mortgaged real estate, but shall be forever barred and foreclosed of all equity and right of redemption therein, unless the mortgagor, his or her heirs, executors, administrators, successors, or assigns shall pay to the mortgagee, his or her heirs, executors, administrators, successors, or assigns the full sum, both principal and interest, due on the mortgage, within three (3) years after the mortgagee, or other person claiming under him or her, shall by process of law, or by peaceable and open entry made in the presence of two (2) witnesses, have taken actual possession of the mortgaged estate and continued the mortgage during the term.
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