Right to Foreclose

Right to Foreclose - The Right to Foreclose is the legal authority granted to a lender to initiate proceedings to take possession of a property used as collateral when a borrower defaults on a loan. This right allows the lender to sell the property in order to recoup the outstanding loan amount, interest, and any associated costs, subject to specific regulations and procedures outlined in the mortgage agreement and applicable law

Class Information

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Identification

IRI: https://folio.openlegalstandard.org/RRbbEs7mbfjARKIfEfn4I4
Label (rdfs): Right to Foreclose
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Definition and Examples

Definition: The Right to Foreclose is the legal authority granted to a lender to initiate proceedings to take possession of a property used as collateral when a borrower defaults on a loan. This right allows the lender to sell the property in order to recoup the outstanding loan amount, interest, and any associated costs, subject to specific regulations and procedures outlined in the mortgage agreement and applicable law
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Class Relationships

Sub Class Of: Real Right of Pledge

Debt Collection Claims
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Additional Information

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Metadata

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