Default and remedies
Foreclosure
The process by which a lender forces the sale of property to satisfy a debt
Triggered by default and made practical by the acceleration clause. Whether it goes through a court or through a power of sale in the security instrument depends on the state and on which instrument was used.
How the exam asks about it
Judicial, non-judicial and strict foreclosure are the three forms, and the first two carry nearly all the items.
Related terms
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