Simple English definitions for legal terms
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Foreclosure Decree: A legal order that says a house or property must be sold because the owner didn't pay their mortgage. It can also mean a legal order that says the bank can take the property without a sale.
A foreclosure decree is a legal order issued by a court that allows a lender to sell a property to recover the unpaid debt owed by the borrower. There are two types of foreclosure decrees:
For example, if a borrower defaults on their mortgage payments, the lender can file a lawsuit to obtain a foreclosure decree. The court will then order the sale of the property or allow the lender to take ownership of the property. This process can be stressful and financially devastating for the borrower, as they may lose their home and any equity they have built up.