A power stated in a mortgage or deed that permits foreclosure without court proceedings and sale of the property through an auction is known as ________.

Question

Quizplus · Accepted Answer

The power described is known as power of sale, which allows a lender to foreclose on a property and sell it through an auction without involving court proceedings. A reconveyance is the process of transferring the title of a property from a trustee back to the borrower once a mortgage has been paid off. A foreclosure sale is the auction of a property that has been foreclosed upon, and garnishment is a legal process of seizing wages or assets to pay off a debt.

A Power Stated in a Mortgage or Deed That Permits