ACTION FOR FORECLOSURE

ACTION FOR FORECLOSURE

An action for foreclosure is a judicial procedure by which the mortgagee acquires the mortgaged property for himself free from the mortgagor’s equity of redemption.

It is a more effective remedy available to the mortgagee in urgent need of his capital which he cannot realise from the rents and profits accuring from the mortgaged property , or which in fact , is non existent.

As a result of the foregoing constraints, the court although jealous to protect the equity of redemption , allows , allows a mortgagee to destroy the equitable right of redeem with its own assistance.

A foreclosure order will not be made until the contractual date has passed with the principal /or interest remaining unpaid after a demand and a reasonable time allowed to lapse without compliance – I.O Smith