a typical mortgage agreement or under statute the mortgagee has the
following powers following default by the mortgagor:
- TO TAKE POSSESSION
A right to
take the property over and receive all rents and profits and must
strictly account for all monies received. This power is not often used.
- TO LEASE
lease the property following default by the mortgagor
- TO APPOINT A RECEIVER
mortgagee is entitled to exercise the power of sale through a receiver/
- TO TAKE ACTION AT LAW
To sue the
mortgagor for monies owing under certain circumstances.
- TO FORECLOSE
of the right to redeem and then appoint a receiver.
- TO SELL
- on the
open market to redeem money owing under the mortgage agreement, and
costs of selling. All money received should be carefully accounted for
and any surplus belongs to the mortgagor.