It comes into play when a prospective investor fails to pay agreed installments towards settling the loan or mortgage. A foreclosure absolute order means the right of the client to settle the mortgage or loan balance is revoked and property ownership transfers to the money lender! First, they must apply in court for a foreclosure order nisi, which gives the client time to repay the debts and consequently redeem the property. For that reason, foreclosure is often referred – in legal circles – as the most draconian remedy open to lenders in the event of default in payment by home owners. Even so, there must be a default in repayment for at least three months after notice to the borrower.

Source: Standard Digital February 22, 2021 07:52 UTC