A process in chancery by which all further right existing in a mortgagor to redeem the estate is defeated and lost to him, and the estate becomes the absolute property of the mortgagee; being applicable when the mortgagor has forfeited his estate by non-payment of the money due on the mortgage at the time appointed, but still retains the equity of redemption. 2 Washb. Real Prop. 237. Goodman v. White, 26 Conn. 322; Arrington v. Liscom, 34 Cal. 376, 94 Am. Dec. 722; Appeal of Ansonia Nat Bank, 58 Conn. 257, 18 Atl. 1030; Williams v. Wilson, 42 Or. 299, 70 Pac. 1031, 05 Am. St Rep. 745.
The term is also loosely applied to any of the various methods, statutory or otherwise, known in different jurisdictions, of enforcing payment of the debt secured by a mortgage, by taking and selling the mortgaged estate
Foreclosure is also applied to proceedings founded upon some other liens; thus there are proceedings to foreclose a mechanic’s lien. Foreclosure decree. Properly speaking, a decree ordering the strict foreclosure (see infra) of a mortgage; but the term is also loosely and conventionally applied to a decree ordering the sale of the mortgaged premises and the satisfaction of the mortgage out of the proceeds. Hanover F. Ins. Co. v. Brown, 77 Md. 64, 25 Atl. 989, 39 Am. St. Rep. 386. Foreclosure sale. A sale of mortgaged property to obtain satisfaction of the mortgage out of the proceeds, whether authorised by a decree of the court or by a power of sale contained in the mortgage. See Johnson v. Cook, 96 Mo. App. 442, 70 S. W. 526. Statutory foreclosure. The term is sometimes applied to foreclosure by execution of a power of sale contained in the mortgage, without recourse to the courts, as it must conform to the provisions of the statute regulating such sales. See Mo wry v. Sanborn, 11 Hun (S. Y.) 548. Strict foreclosure. A decree of strict foreclosure of a mortgage finds the amount due under the mortgage, orders its payment within a certain limited time, and provides that in default of such payment the debtor’s right and equity of redemption shall be forever barred and foreclosed; its effect is to vest the title of the property absolutely in the mortgagee, on default in payment without any sale of the property. Champion v. Hinkle, 45 N. J. Eq. 162, 16 Atl. 701; Lightcap v. Bradley, 186 111. 510, 58 N. E. 221; Warner Bros. Co. v. Freud, 138 Cal 651, 72 Pac. 345.