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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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.


n. the system by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), requires sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, when the debtor fails to make payment. After the payments on the promissory note (which is evidence of the loan) have become delinquent for several months (time varies from state to state), the lender can have a notice of default served on the debtor (borrower) stating the amount due and the amount necessary to "cure" the default. If the delinquency and costs of foreclosure are not paid within a specified period, then the lender (or the trustee in states using deeds of trust) will set a foreclosure date, after which the property may be sold at public sale. Up to the time of foreclosure (or even afterwards in some states) the defaulting borrower can pay all delinquencies and costs (which are then greater due to foreclosure costs) and "redeem" the property. Upon sale of the property the amount due is paid to the creditor (lender or owner of the judgment) and the remainder of the money received from the sale, if any, is paid to the lender. There is also judicial foreclosure in which the lender can bring suit for foreclosure against the defaulting borrower for the delinquency and force a sale. This is used in several states with the mortgage system or in deed of trust states when it appears that the amount due is greater than the equity value of the real property, and the lender wishes to get a deficiency judgment for the amount still due after sale. This is not necessary in those states which give deficiency judgments without filing a lawsuit when the foreclosure is upon the mortgage or deed of trust. (See: mortgage, deed of trust, forced sale, execution, notice of default)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.


the right to take mortgaged property in satisfaction of the amount due. Where a mortgagor has defaulted on his obligations under the terms of the mortgage, the mortgagee has a number of powers available to him to protect his investment. One of these is the power to foreclose. Foreclosure can be effected only by an order of the court that involves, first, the granting of an order of foreclosure nisi, which effectively gives the mortgagor six months' grace within which to raise the sums due; if the mortgagor has failed to do this, the foreclosure becomes absolute, whereupon the rights of the mortgagor in the property cease and become vested in the mortgagee.
Collins Dictionary of Law © W.J. Stewart, 2006

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Country: United States of America
State: Florida

We have an upcoming date concerning foreclosure on our home during which they are going to set a sale date. We need to delay this first meeting by a week so we can get a payoff figure from the mortgage company. Is there any way to file paperwork or reasons that we can file a motion that will help buy us some time?


It is difficult to do unless the parties can say you are unavailable for some serious reason etc.
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References in periodicals archive ?
In the mortgage foreclosure context, "standing is broader than just actual ownership of the beneficial interest in the note." Mortgage Elec.
Figure 1 shows the explosion in mortgage foreclosure inventory for various types of mortgages from 2002 to the second quarter of 2012, except for prime loans, whose series began in 2005:Q1.
(217) The statute's more recent amendments were responsive to New York's residential mortgage foreclosure crisis.
mortgage foreclosures began to rise in late 2006 at the same time that national house prices began to fall.
Surveying residents experiencing mortgage foreclosure in the Philadelphia region in 2008, researchers found that they were more likely to have hypertension and heart disease as well as a clinician-diagnosed psychiatric condition such as depression and anxiety when compared to fellow community members surveyed during a 2008 household health survey.
"Contract Theory and Mortgage Foreclosure Moratoria." Journal of Real Estate Finance and Economics, January 1996, 12(1), pp.
1977), a New Jersey mortgage foreclosure case involving a bank computer system decided long before the advent of imaging technology
To minimize this tax, consequences must be discussed regarding the transfer of real property to a lender pursuant to a) a mortgage foreclosure, b) deed in lieu of foreclosure, c) Chapter 11 bankruptcy plan of reorganization of the mortgagor, and d) transfer of the equity interests in the debtor entity.
But, regardless of whether you are searching for a mortgage foreclosure attorney or foreclosure defense attorney, the hope to retrieve that control is still there and we can help guide you through your legal options, whether the best choice is a Loan Modification, Bankruptcy or simply negotiating the debt with the mortgage company/bank.
We hold that a nonlawyer personal representative of an estate may not represent the interests of the estate in a mortgage foreclosure proceeding or an appeal therefrom before a Wisconsin court.
The 2007 debt crisis spawned a wave of mortgage foreclosure filings that overwhelmed the Florida state court system.
He is experienced with contentious and complex mortgage foreclosure actions and workouts, the foreclosure and workout of mezzanine and other secured loans and inter-creditor disputes.

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