What is the definition of Strict Foreclosure?
A decree that information the payment of a mortgage of actual property. A strict foreclosure decree sets out the amount due underneath the mortgage, orders it to be remunerated within a distinctive time limit, and provides that if wage is not made, the mortgagor’s right and equity of redemption are forever barred and foreclosed. If the mortgagor does not recompense within the time designated, after title to the property vests in the mortgagee short any sale thereof.
