Foreclosure
Law Definitions
Foreclosure By Possession
In
a foreclosure by possession, after a borrower defaults on
a mortgage, the lender may recover possession of the
property by:
- Obtaining a court
order (Writ of Possession);
- Entering the property
peaceably and if not oppose, in the presence of two
witnesses and take possession of the premises; and
- By proper consent of
the buyer and in writing.
If
the lender maintains possession peaceably for three years
from the date of possession, the borrower loses all rights
of redemption.
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