Legal Dictionary of Pakistan

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.