Learn about the procedures for foreclosing a mortgage, including the types of foreclosure, limitations on foreclosure, and redemption after the sale.
If a mortgagor defaults and doesn’t resolve the problem, then the mortgagee may foreclose by seizing and selling the property to pay the debt. In this lesson we’ll learn about the procedures required for foreclosure. We’ll also discuss the mortgagor’s right to redeem the property after the sale.
The three main types of foreclosure are strict foreclosure, power-of-sale foreclosure, and judicial foreclosure.
Strict foreclosure takes place without a sale of the property. To foreclose, the...