Foreclosure By Possession
In a foreclosure by possession, after a borrower defaults on a mortgage, the lender may recover possession of the property by:
- Obtaining a court order (Writ of Possession);
- Entering the property peaceably and if not oppose, in the presence of two witnesses and take possession of the premises; and
- By proper consent of the buyer and in writing.
If the lender maintains possession peaceably for three years from the date of possession, the borrower loses all rights of redemption.
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