strict foreclosure


Type of foreclosure agreement that has a pre-determined time period for when the default balance must be paid to prevent the relinquishment of the homeowner's rights. This time period is issued by a court system and goes in effect after the house has entered foreclosure proceedings. If the homeowner does not pay the defaulted balance before the pre-determined date, his/her equitable and statutory redemption rights are waived.
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stretch IRA strict liability