statutory foreclosure

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

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