If the mortgagor has defaulted or has failed to perform some other agreement in the mortgage,the mortgagee has the right to apply to a court to have the property sold.This is called the right to:

Question

Quizplus · Accepted Answer

The right to apply for the sale of the property by the mortgagee is called foreclosure. This allows the mortgagee to recoup their losses after the mortgagor has defaulted on the mortgage agreement. Acceleration refers to the mortgagee's right to demand full payment of the outstanding mortgage balance in the event of a default, while perfection refers to the process of ensuring that the mortgage is legally enforceable. Attachment refers to a legal process whereby a court seizes property in order to secure payment of a debt or judgment.

If the Mortgagor Has Defaulted or Has Failed to Perform