MTBC's subsidiary acquired these assets through the closing of a
strict foreclosure agreement with MediGain, which occurred immediately after MTBC's acquisition of 100% of MediGain's senior debt from Prudential Insurance Co, which was collateralized by substantially all of MediGain's assets.
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., Creswell.
Using New York as an example, the most common method to extinguish a preserved interest is denominated a "strict foreclosure." Briefly discussing its essence should demystify the subject.
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.
The seller may reacquire ownership in the property through agreement (e.g., 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).
[4.] Durham, James, 1986, "In Defense of
Strict Foreclosure: A Legal and Economic Analysis of Mortgage Foreclosure," South Carolina Law Review, Spring: 461-510.
Plaintiff seeks $11,511;
strict foreclosure of real estate contract; quiet title.
Suit seeks
strict foreclosure of a land sale contract.
