decree of foreclosure and sale

decree of foreclosure and sale

An announcement by a court establishing the amount of a mortgage debt and ordering the foreclosure of the property to pay the debt; employed in states that must follow judicial foreclosure in order for a lender to sell mortgaged property.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.