Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
bill of foreclosure.
A bill in equity filed by a lender to have mortgaged property sold to satisfy all or part of the secured, unpaid debt.
deed in lieu of foreclosure
A deed by which a borrower conveys fee-simple title to a lender in satisfaction of a mortgage debt and as a substitute for foreclosure. ( This deed is often referred to simply as "deed in lieu."
equitable foreclosure
A foreclosure method in which the court orders the property sold, and the proceeds are applied first to pay the costs of the suit and sale and then to the mortgage debt. ( Any surplus is paid to the mortgagor.
foreclosure
A legal proceeding to terminate a mortgagor's interest in property, instituted by the lender (the mortgagee) either to gain title or to force a sale in order to satisfy the unpaid debt secured by the property. Cf. REPOSSESSION.
foreclosure decree
1. Generally, a decree ordering a judicial foreclosure sale. 2. A decree ordering the strict foreclosure of a mortgage.
foreclosure sale
The sale of mortgaged property, authorized by a court decree or a power-of-sale clause, to satisfy the debt. See FORECLOSURE.
judicial foreclosure
A costly and time-consuming foreclosure method by which the mortgaged property is sold through a court proceeding requiring many standard legal steps such as the filing of a complaint, service of process, notice, and a hearing. ( Judicial foreclosure is available in all jurisdictions and is the exclusive or most common method of foreclosure in at least 20 states.
mortgage foreclosure
A foreclosure of the mortgaged property upon the mortgagor's default.
nonjudicial foreclosure
See FORECLOSURE.
power-of-sale foreclosure
A foreclosure process by which, according to the mortgage instrument and a state statute, the mortgaged property is sold at a nonjudicial public sale by a public official, the mortgagee, or a trustee, without the stringent notice require-ments, burdens, or delays of a judicial foreclosure. 0 Power-of-sale foreclosure is authorized and used in more than half the states. - Also termed nonjudicial foreclosure; statutory foreclosure.
statutory foreclosure
See power-of-sale foreclosure under FORECLOSURE. statutory guardian See GUARDIAN.
strict foreclosure
See FORECLOSURE.
strict foreclosure.
A rare procedure that gives the mortgagee title to the mortgaged property - without first conducting a sale -after a defaulting mortgagor fails to pay the mortgage debt within a court-specified period. 0 The use of strict foreclosure is limited to special situations except in those few states that permit this remedy generally.
tax foreclosure
See FORECLOSURE.
tax foreclosure.
A public authority's seizure and sale of property for nonpayment of taxes.