foreclosure order
Definition
Court order issued on behalf of a lender (mortgagee) or lienholder (lienor) depriving a defaulting borrower (mortgagor) or lienee of his or her ownership rights (title) to the mortgaged property. Under English legal system, the courts normally allow six months to a mortgagor to come up with the money (debt balance plus all charges and penalties) to reclaim the property. After the six months, the mortgagor loses the right to redeem the property which is then transferred to the mortgagee. A foreclosure may not be carried out without a foreclosure order.
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foreclosure order is in the Corporate, Commercial, & General Law subject.
foreclosure order appears in the definitions of the following terms: mortgage, distressed property, liquidation, right of foreclosure, foreclosure, special lien and lien
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