Foreclosure in countries other than the USA

Australia & New Zealand - Foreclosures are generally referred to as Mortgagee sales or Mortgagee auctions. In those cases, the bank or lender ("Mortgagee") forces the borrower ("Mortgagor") to sell under the terms of the loan contract.


United Kingdom - Foreclosure is a little used remedy which vests the property in the mortgagee with the mortgagor having no right to any surplus from the sale. Because this remedy can be harsh, courts almost never allow it. Instead, they will usually grant an order for possession and an order for sale, which mitigates some of the harshness of the repossession by allowing the sale.



HomeLoan2U has helped millions of families find ways to accomplish their home ownership needs, whether buying a first home or refinancing their current loan.