There are two types of Foreclosures, Judicial Foreclosure and Non-judicial. Judicial foreclosure is of a charged property with the Order for sale obtained from the Court or Land Office. Thus, there is no provisions in the mortgage giving the lender the right to foreclose without the Order for sale.
Whereas, in Non-judicial Foreclosure, the lender has the Power of Sale in the Loan/ Deed of Assignment documents. Such document will provide for the Assignee to sell the property in the event of default by the borrower. A notice of default is first sent to the borrower. In the event of default, the Assignee shall be entitled to take possession of the property by terminating the license granted to the borrower. The assignee will accordingly use the rights and powers under the agreements to dispose the property by public auction sale.