right of foreclosure
Definition
Legal right of a lender (mortgagee) to obtain foreclosure order on the pledged or mortgaged property in case the borrower (mortgagor) defaults, and thus cancel (foreclose) the mortgagor's interest in the property.
right of foreclosure is in the Corporate, Commercial, & General Law subject.
right of foreclosure appears in the definition of the following term: forbearance
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