When a mortgagor, pledgor, or conditional vendee of property sold on execution under the provisions of this subchapter fails or refuses to discharge such lien after it becomes due and payable, and within 10 days after written notice so to do is served upon him or her by the purchaser of the whole or part thereof, the person so purchasing may tender and pay to the holder of such mortgage, pledge, or lien, or the conditional vendor, the amount due such creditor upon the whole of such property. Upon such tender or payment, such purchaser shall be subrogated to all the rights of such original mortgagee, pledgee, or conditional vendor, and may hold the same as security for the amount so paid in discharge of such original claim, together with the sum paid by him or her on the execution sale, with interest upon such sums. He or she shall have the same benefit of foreclosure, sale, and disposition of such property that the original mortgagee, pledgee, or conditional vendor would have had under his or her claim.