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.

• The use of strict foreclosure is limited to special situations except in those few states that permit this remedy generally. [Cases: Mortgages 384. C.J.S. Mortgages § 694.]

---

词条贡献者

资深译员Lisa，毕业于一所培养高级翻译以及跨文化事务专家的精英大学，专注翻译各种与私募股权与投资基金有关的法律文件。