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Lenders' legal rights and remedies (Legal Remedies on Default (Sue for…
Lenders' legal rights and remedies
Legal Remedies on Default
Sue for possession/ Exercise the power of sale
County Court possession order
Outright possession order
Suspended possession order
Adjourn or suspend the case
Sue on borrowers personal covenant for recovery of debt
In breach of contractual obligations of the legal charge
Appoint a receiver
Collects rent (Tenant) and income from the property.
Foreclosure
Forfeiting rights to property (no longer in use)
Sale procedures and mortgagee obligations
Sale procedures
Valuation
Best and final offers in newspaper
Obligations
Obtain the best price
No 'nursing' a property
Account development value
Grant equity of redemption