Strict Foreclosure

Strict Foreclosure

A decree that orders the payment of a mortgage of real property.

A strict foreclosure decree sets out the amount due under the mortgage, orders it to be paid within a particular time limit, and provides that if payment is not made, the mortgagor's right and equity of redemption are forever barred and foreclosed. If the mortgagor does not pay within the time designated, then title to the property vests in the mortgagee without any sale thereof.

References in periodicals archive ?
It's been a long way coming for the activists, who were originally a wonkier set within the 15M movement fighting to reform their country's strict foreclosure law.
Key Bank, National Association: Plaintiff seeks strict foreclosure on property at 695 A St.
The strict foreclosure, therefore, is a new action, naming the party omitted in the original foreclosure and offering it that right to redeem--the privilege it would have possessed had it been named in the original foreclosure, but something it was previously denied because of not being included.
As experienced servicers know, anything foreclosed in judicial states (such as New York) can take some time, and a strict foreclosure is certainly not immune to delay.
Some states permit strict foreclosure, which grants the lender unconditional title to the mortgaged property in the event of borrower default.
The Addison, Texas, company announced last week in an SEC filing that it has entered into a strict foreclosure agreement and has officially given up on its Fayetteville Shale properties.
voluntary conveyance, abandonment) or by process of law (including foreclosure proceedings by judicial sale or by power of sale in the loan agreement, strict foreclosure, foreclosure by entry and possession, by writ of entry, or by publication of notice).
PK) said today that it has closed a strict foreclosure agreement that returns King of the Cage, the highly successful mixed martial arts brand, to its original owners Terry and Julie Trebilcock.
Plaintiff seeks $11,511; strict foreclosure of real estate contract; quiet title.
Through numerous practice pointers and hypothetical examples, the authors discuss: enforcement and strict foreclosure of security interests; rules of priority governing competing claims to collateral; trustee avoidance powers under bankruptcy preference law; lender liability under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA); and the 1999 revision of Article 9.
In addition, over 30 definitions have been added to the Glossary of Terms providing explanations for concepts such as Foreclosure, Judicial Foreclosure, Strict Foreclosure, Deed-In-Lieu of Foreclosure, Decree of Foreclosure, Right of Redemption, etc.
Through numerous practice pointers and hypothetical examples, the authors discuss attachment, perfection, enforcement and strict foreclosure of security interests; rules of priority governing competing claims to collateral; trustee avoidance powers under bankruptcy preference law; lender liability under the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA); the Bankruptcy Reform Act of 1994, and the 1994 amendments to U.