What is a strict foreclosure

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Question: What is a strict foreclosure? Unset starred question After borrower and public notice is provided, the property is sold at auction to the highest bidder without court action due to the power-of-sale clause in the security instrument. After borrower default, the lender prepares and records paperwork with the court, the court sets a payment deadline for the borrower, and the lender is awarded title if the borrower doesn't pay. After sufficient notice to the borrower and to the public, the court permits the property be sold at auction to the highest bidder. When a property is sold at a foreclosure auction for less than the amount due by the borrower and the lender seeks a judgment for the borrower to pay the difference.

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