statutory foreclosure
- A process where the lender or trustee sells a property due to a defaulted mortgage or deed of trust as outlined by statutory laws
- After several missed payments, the bank initiated a statutory foreclosure on the property.
- Due to various defaults on the mortgage, statutory foreclosure proceedings were started by the trustee.
- In response to the consistent non-payment of debt, the lender had no choice but to pursue statutory foreclosure.
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