Right of Foreclosure

Right of Foreclosure

The legal right of a mortgage lender to take ownership of a property securing a mortgage if the borrower does not meet the terms of the lending agreement. Most obviously, the right of foreclosure is exercised if the borrower does not pay the mortgage.
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References in periodicals archive ?
Anastasiades referred the amendments to the foreclosure law arguing that a mortgage is part of the agreement between lender and borrower and the changes took away the right of foreclosure.
If a developer were to collapse, the banks would have legal right of foreclosure.
Under this scenario, there will be no such thing as a single-document "participating mortgage." The fixed-rate portion will be the first mortgage with right of foreclosure. The participation tranche will be a cash flow participation without right of foreclosure, more like a preferred stock in terms of first preference to cash flow after the debt payment.