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 are 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 as (1) Power of Sale, (2) Foreclosure, (3) Statement of Claim for Judgment on the Covenant (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 is a rather unique area of law to the extent that the lender (other than in foreclosure actions) is likely to recover its costs provided there is sufficient additional value in the land to pay for same.