Strict Foreclosure Law and Legal Definition
Strict foreclosure refers to foreclosure of a mortgage without a sale of the mortgaged property, being accomplished by a suit in equity and a decree rendered therein. It extinguishes the mortgagor's equity of redemption. A decree for strict foreclosure calls for payment of the debt secured within a reasonable period of time fixed by the court. Upon failure of the defendant or defendants to make such payment within the time prescribed, all the right, title, and interest, both legal and equitable, of the defendant or defendants will be vested absolutely and forever unconditionally in the plaintiff.
