Correct option is B
The remedy of
foreclosure is available in a
mortgage by conditional sale. Foreclosure allows the mortgagee to take possession of the property after the mortgagor fails to pay the debt by the stipulated date, extinguishing the mortgagor’s right to redeem.
Information Booster:
Foreclosure is a legal process by which the mortgagor’s right to redeem the mortgaged property is ended. It is specific to mortgages with conditional sales.
Additional Knowledge:
·
Usufructuary mortgage: The mortgagee enjoys the profits of the property.
·
Simple mortgage and English mortgage: Do not involve foreclosure; instead, they provide for sale of the mortgaged property to recover the debt.
