The right of a
mortgagee to force the sale of a
property, without judicial proceedings,
should
default occur. The term ;power of
sale' indicates a sale under the power
contained in the mortgage document.
Although power of
sale is regarded as a foreclosure, they are
slightly different. In a power of sale, the
mortgagee forces the the mortgagor to put
the property up for sale without taking
possession, while during the foreclosure
process, the mortgagee takes possession of
the property and is in fact the owner of
that property.
In a power of sale,
all proceeds left from the sale of the
property are credited to the original owner
(minus all fees associated with the sale),
however during foreclosure such proceeds are
always credited to the lender.
From the start of the
power o sale, the mortgagor has 45 days to
bring current the mortgage.
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