Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

strict foreclosure

Read a random definition: parental-responsibility statute

A quick definition of strict foreclosure:

Strict foreclosure is a legal process where the lender (the person who gave the loan) takes ownership of the property without selling it, after the borrower (the person who received the loan) fails to pay back the loan within a certain time period. This process is only used in special situations and is not common.

A more thorough explanation:

Strict foreclosure is a legal process used by a lender to take ownership of a property when the borrower (mortgagor) fails to pay the mortgage debt within a court-specified period. Unlike other foreclosure methods, strict foreclosure does not involve a sale of the property.

For example, if a borrower defaults on their mortgage payments, the lender may initiate strict foreclosure proceedings. The court will then give the borrower a specific period to pay off the debt. If the borrower fails to pay within that period, the lender will take ownership of the property.

Strict foreclosure is a rare procedure and is only used in special situations. It is only permitted in a few states that allow this remedy generally.

strict constructionism | stricti juris

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
LSD+ is ad-free, with DMs, discounts, case briefs & more.