LRC Reports

Mortgages: Judicial Sales and Deficiency Claims (1991)

Keywords: mortgage; judicial; claim; deficiency; debt; foreclosure; land; third party; debtor; remedy; lender; borrower; security; property; title; interim; certificate; conflict of interest; residential; collateral; profit; purchase; price; windfall; resale; covenant; agreement; sale

When a debt is secured by a mortgage, the process by which the lender recovers the debt is called foreclosure. The law governing foreclosure strikes a careful balance between the right of the lender to obtain repayment of the loan and the interests of the borrower. This project considers the implications of allowing the lender to purchase the foreclosed property.

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