What Is a Decree of Foreclosure and Sale?
A decree of foreclosure and sale, sometimes simply called a decree of foreclosure, is a declaration made by a court indicating the amount of outstanding debt that a borrower has defaulted on and that their property will be sold in order to cover the outstanding debt. These declarations are required by law in some states in order for a lender to proceed with a foreclosure.
- A decree of foreclosure is a court order stating that a property will enter the foreclosure process a default on a mortgage, where borrowers fail to make their payments for an extended period of time.
- A decree of foreclosure and sale must be made in accordance with all local laws and regulations, but certain states do not require a decree of foreclosure and sale, allowing the lender to make the house available for sale at