| gen. |
foreclosure (the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default. WN3. The legal right of a lender of money if the borrower fails to repay the money or part of it on the due date. The lender must apply to a court to be permitted to sell the property that has been held as security for the debt. The court will order a new date for payment in an order called a foreclosure nisi. If the borrower again fails to pay, the lender may sell the property. This procedure can occur when a mortgagor fails to pay the mortgagee (bank, building society, etc. ) the mortgage instalments, in which the security is the house in which the mortgagor lives. The bank, etc. , then forecloses the mortgage, dispossessing the mortgagor. OB&M Alexander Demidov); repossession (1. The taking back of something purchased, for nonpayment of the instalments due under a hire purchase agreement. 2. The situation in which a mortgagee (lender) takes vacant possession of the property occupied by a mortgagor (borrower), usually because the latter has defaulted on payments due. OB&M Alexander Demidov); lien enforcement (§5700 – Lien Enforcement. Except as otherwise provided in this article, after the expiration of 30 days following the recording of a lien created pursuant to Section 5675, the lien may be enforced in any manner permitted by law, including sale by the court, sale by the trustee designated in the notice of delinquent assessment, or sale by a trustee substituted pursuant to Section 2934a. Alexander Demidov) |
