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Encyclopedia Britannica



FORECLOSURE

This article appears in Volume V10, Page 644 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: FLA-FRA
FORECLOSURE , in the law of mortgage; the extinguishment by order of the
court
  of a mortgagor's
equity
  of redemption. In the law of
equity
  the
object
  of every mortgage transaction is eventually the repayment of a debt, the mortgaged property being incidental by way of security. Therefore, although the day named for repayment of the
loan
  has passed and the mortgagor's estate is consequently forfeited, equity steps in to mitigate the harshness. of the common law, and will decree a reconveyance of the mortgaged property on payment of the
principal
 ,
interest
  and costs. This-right of the mortgagor to
relief
  is termed his " equity of redemption." But the right must be exercised within a reasonable time, :otherwise he will be foreclosed his equity of redemption and the mortgagee's possession converted into an absolute ownership. Such fore-closure is enforced in equity by a foreclosure action. An action is brought by the mortgagee against the mortgagor in the chancery division of the High
Court
  in England, claiming that an account may be taken of the
principal
  and
interest
  due to the mortgagee, and that the mortgagor may be directed to pay the same, with costs, by a day to be appointed by the court and that in default thereof he may be foreclosed his equity of redemption.
English
  county courts have
jurisdiction
  in fore-closure actions where the mortgage or charge does not exceed Soo; or where the mortgage is for more than Soo, but less than that sum has been actually advanced. In a Welsh mortgage there is no right to foreclosure. (See also MORTGAGE.)


End of Article: FORECLOSURE


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