Business, Legal & Accounting Glossary
An order of the court granted in favour of a Mortgagee in Foreclosure proceedings. It gives the Mortgagor a fixed time to settle the loan and, if not complied with, allows the mortgagor to obtain an order of Foreclosure absolute and obtain ownership of the mortgaged property.
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This glossary post was last updated: 6th April, 2020 | 4 Views.