§ 4528 - Decree foreclosing equity of redemption; writ of possession
§ 4528. Decree foreclosing equity of redemption; writ of possession
(a) If a decree is made foreclosing the right of redemption, the time of redemption shall be six months from the date of the decree unless a shorter time is ordered. The court shall fix the period of redemption taking into consideration whether there is value in the property in excess of the mortgage debt and debt owed to junior lienholders, any assessed but unpaid property taxes, the condition of the property, and any other equities.
(b) If the premises are not redeemed agreeably to the decree, the clerk of the court shall issue a writ of possession at the plaintiff's request. Such writ shall have the same force and effect and be executed in the same manner as similar writs issued after judgment by a court of law in ejectment proceedings. Where the premises are occupied by a residential tenant, the writ shall be served on the tenant, and no sooner than 30 days after the writ is served, the plaintiff shall be placed in possession of the property without further proceedings. No decree of strict foreclosure shall be issued absent a finding by the court based on competent evidence presented by the party seeking such decree that there is no substantial value in the property in excess of the mortgage debt found by the court to be due to the plaintiff, plus assessed but unpaid property taxes due on the property.
(c) For the purposes of this section, "value" is defined as fair market value less all reasonable expenses that would be incurred in selling the property. (Amended 1967, No. 367 (Adj. Sess.), § 1, eff. April 1, 1968; 1999, No. 115 (Adj. Sess.), § 7; 2005, No. 133 (Adj. Sess.), § 3, eff. May 5, 2006.)