Foreclosure order

Foreclosure order,

Definition of Foreclosure order:

  1. 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.

Meaning of Foreclosure order & Foreclosure order Definition