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 ?
If a developer were to collapse, the banks would have legal right of foreclosure.
The fixed-rate portion will be the first mortgage with right of foreclosure.