止赎权，抵押品赎回权的丧失

Foreclosure止赎权，抵押品赎回权的丧失

Foreclosure is the legal process by which a mortgagee，or other lien holder，usually a lender，obtains a termination of a mortgagor's equitable right of redemption，either by court order or by operation of law(after following a specific statutory procedure)．Usually a lender obtains a security interest from a borrower whomortgages or pledges an asset like a house to secure the loan．If the borrower defaults and the lender tries to repossess the property，courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt．While this equitable right exists，it is a cloud on title and the lender cannot be sure that it can successfully repossess the property．Therefore，through the process of foreclosure，the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple．Other lien holders can also foreclose the owner's right of redemption for other debts，such as for overdue taxes，unpaid contractors'billsor overdue homeowners'association dues or assessments．

The foreclosure process as applied to residentialmortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property(immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a“mortgage”or“deed of trust”．Commonly，the violation of themortgage is a default in payment of a promissory note，secured by a lien on the property．When the process is complete，the lender can sell the property and keep the proceeds to pay off itsmortgage and any legal costs，and it is typically said that“the lender has foreclosed itsmortgage or lien”．If the promissory notewasmadewith a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees themortgagee can file a claim for a deficiency judgment．