what is forclosure agreement ?
pratik (self working) 05 September 2011
All the dues has been paid by the person who has take the debt amount. He hold no more any liability to the concern person giving the forclosure agreement.
Anumita Sarkar (Tax Advisor/Litigator) 07 September 2011
It is a legal process by which a lender cancels/ forecloses a borrowers right of redemption of the mortgaged property through a court order. It typically involves a forced sale of the property at public auction with the proceeds being applied to the mortgage debt.
Sajid (Auditor) 13 September 2011
Foreclosure agreement takes place between Sundry Debtors and Sundry Creditors, to obtain the financial settelment, in the court of law, or among there mutual understandings.
RK MEHTA (DEPUTY GENERAL MANAGER - LEGAL) 27 September 2011
I go with Anumita, but in part. The reason is that the query is about Foreclosure Agreement and not Foreclosure by law. It Would therefore mean an agreement between the lender and borrower by which they agree that borrower's shall no more have the right of redemption.
Narender Raj G (Advocate) 01 October 2011
I agree Anumita only in regarding to Foreclosure.
But the question is "Foreclosure Agreement"
It can be assumed as determining the rights of mortgager and mortgagee by way of an agreement, settling the issue out of the court, by giving an end to mortgage.