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Foreclosure
From lawbrain.com
A procedure by which the holder of a mortgage—an interest in land providing security for the performance of a duty or the payment of a debt—sells the property upon the failure of the debtor to pay the mortgage debt and, thereby, terminates his or her rights in the property.
Statutory foreclosure is foreclosure by performance of a power of sale clause in the mortgage without need for court action, since the foreclosure must be done in accordance with the statutory provisions governing such sales.
Strict foreclosure refers to the procedure pursuant to which the court ascertains the amount due under the mortgage; orders its payment within a certain limited time; and prescribes that in default of such payment a debtor will permanently lose his or her equity of redemption, the right to recover the property upon payment of the debt, interest, and costs. The title of the property is conveyed absolutely to the creditor, on default in payment, without any sale of the property.
Further Reading
- FindLaw Insider: foreclosure alternatives Archives
- As the bleak economic climate lingers, more Americans are being forced into foreclosure on their homes. ... Every three months, 250,000 new families enter into foreclosure. ... [?]
- Wisconsin Bank Extends Foreclosure Moratorium - Real Estate ...
- Marshall & Ilsley (M&I) Corporation announced this week that it was extending its foreclosure moratorium for another 90 days---until December 31st 2009. ... [?]
- More than Half of us Know a Victim of Foreclosure ...
- As the bleak economic climate lingers, more Americans are being forced into foreclosure on their homes. FindLaw today... - foreclosure alternatives [?]
- When Can Foreclosure Start? - Real Estate Law - Law and Daily ...
- Now, most of us might not ever be in a position for that sort of default, but many people might still be wondering when can a lender start foreclosure proceedings? ... [?]
- Top 10 Posts on Avoiding Home Foreclosure - Real Estate Law ...
- Home foreclosure is still a hot topic on the minds of many Americans. ... Home foreclosures for July 2009 numbered 360,149, a 7% increase from ... [?]
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