FORECLOSURE AS A SWORD IN THE HAND OF A MORTGAGEE IN NIGERIA – A LEGAL APPRAISAL
Authors:
OLANREWAJU Pius
Publication Type: Journal article
Journal:
ISSN Number:
0
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Abstract
Debt crisis has serious implications for the development of any economy. The effect of failure of debtors to repay advances made to them by financial institutions will be crippling to the economy of the nation in the long-run. It becomes expedient for creditors to exercise the various mechanisms at their disposal in the recovery of loans. In the case of mortgages, one of such mechanisms for repayment is Foreclosure. This article has explored the remedy of foreclosure and its practicability in the enforcement of mortgage in Nigeria. Subsequently, requisite recommendations have been proffered to improve the foreclosure process in Nigeria.