Foreclose Online
"Strict foreclosure" is an equitable right available in some states. The strict
foreclosure period arises after the foreclosure sale has taken place and is
available to the foreclosure sale purchaser. The foreclosure sale purchaser must
petition a court for a decree that will cut off any junior lienholder's rights
to redeem the senior debt. If the junior lienholder fails to do so within the
judicially established time frame, his lien is cancelled and the purchaser's
title is cleared. This effect is the same as the strict foreclosure that
occurred at common law in England's courts of equity as a response to the
development of the equity of redemption.