Definitions for "POWER OF SALE"
The legal right of the mortgagee to sell the property.
A provision in a mortgage permitting the lender, upon borrower's default, to sell the secured property at public auction without need to have a court foreclose.
A legal procedure in some states in which the lender exercises a right, expressed in the loan documents, to take title to the property of the defaulting borrower and offer it at public sale to the highest bidder. There is no court action involved.