Some states prohibit the mortgagee from taking possession of the mortgaged property unless and until foreclosure is complete.

Question

Quizplus · Accepted Answer

In some states, laws exist that prevent the mortgagee (lender) from taking possession of the property that has been put up as collateral for the loan until the foreclosure process has been fully completed. This is to protect the rights of the mortgagor (borrower) and ensure due process.

Some States Prohibit the Mortgagee from Taking Possession of the Mortgaged