Mortgage remedies relate to the enforcement of the rights of a mortgage lender when the mortgage is in default, or from the borrower's perspective, defending against such enforcement.
There is a wide range of remedies available to a lender, but all have as their goal either correcting the mortgage default or recouping the lender's money either in cash or by taking the land secured by the mortgage instead. In addition to the legal processes which recover money, mortgage enforcement may also lead to a lawful right, on the part of the mortgage lender, to possess the property, to the exclusion of the defaulting owner. While there are many avenues of enforcement, the more popular remedies are (1) Power of Sale, (2) Foreclosure, (3) Statement of Claim for Judgment on the Covenant, or (4) Judicial Sale.
Given that virtually all mortgage loans require the borrower to compensate the lender for the lender's legal and other associated costs, mortgage remedies are a rather unique area of law. The lender (other than in foreclosure actions) is likely to recover its costs provided there is sufficient additional value in the land to cover them.
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