Decree Of Foreclosure And Sale
- A declaration made by a court indicating that a piece of property is to be sold in order to cover outstanding debts. A decree of foreclosure and sale is most frequently used on a mortgaged property, with the proceeds from the sale going to the mortgage lender.
When the decree is made, the mortgage holder is given notice of the outstanding debt and that the property is to be auctioned off. The amount recovered from the auction goes to cover unpaid interest and principal, as well as legal bills.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
foreclosure by action and sale — A suit to obtain a decree of foreclosure and a sale of the mortgaged premises in accordance with that decree, the proceeds to be applied, first to the payment of the costs of suit, the mortgage debt, and interest thereon, second to junior… … Ballentine's law dictionary
Foreclosure — For Lacan s psychoanalytic process, see Foreclosure (psychoanalysis). House in Salinas, California under foreclosure, following the popping of the U.S. real estate bubble. Foreclosure is the legal process by which a mortgage lender (mortgagee),… … Wikipedia
decree — The judgment of a court of equity or chancery, answering for most purposes to the judgment of a court of law. A decree in equity is a sentence or order of the court, pronounced on hearing and understanding all the points in issue, and determining … Black's law dictionary
foreclosure — fore·clos·ure /fōr klō zhər/ n 1: a legal proceeding that bars or extinguishes a mortgagor s equity of redemption in mortgaged real property see also deficiency judgment at judgment, redeem … Law dictionary
foreclosure — /forklowzhsr/ To shut out, to bar, to destroy an equity of redemption. Anderson v. Barr, 178 Okl. 508, 62 P.2d 1242, 1246. A termination of all rights of the mortgagor or his grantee in the property covered by the mortgage. The process by which a … Black's law dictionary
forced sale — A sale made at the time and in the manner prescribed by law, in virtue of execution issued on a judgment already rendered by a court of competent jurisdiction; a sale made under the process of the court, and in the mode prescribed by law. A sale… … Black's law dictionary
judicial sale — Sale conducted under a judgment, order, or supervision of a court as in a sale under a petition for partition of real estate or an execution or a foreclosure sale. One which must be based upon an order or a decree of a court directing the sale.… … Black's law dictionary
strict foreclosure — n 1: a proceeding in which the amount due on a mortgage is determined and a period of time within which it must be paid is fixed with the understanding that in the event of the mortgagor s default title will be vested in the mortgagee free of any … Law dictionary
strict foreclosure — The foreclosure of a mortgage without a sale of the mortgaged property, being accomplished by a suit in equity and a decree rendered therein extinguishing the mortgagor s equity of redemption, such decree calling for payment of the debt secured… … Ballentine's law dictionary
Provident Institution for Sav. v. Mayor of Jersey City — SCOTUSCase Litigants=Provident Institution for Sav. v. Mayor of Jersey City ArgueDate=January 9 ArgueYear=1885 DecideDate=March 2 DecideYear=1885 FullName=Provident Institution for Sav. v. Mayor of Jersey City USVol=113 USPage=506 Citation= Prior … Wikipedia