A mortgagee’s right to take absolute title and possession of mortgaged land in full satisfaction of the mortgage debt, extinguishing the mortgagor’s equity of redemption: Heath v Pugh (1881) 6 QBD 345 (CA). A right to foreclose only arises after the due date for repayment of the principal has passed (unless the terms of the mortgage permit the remedy to be exercised on interest becoming overdue). A foreclosure order vests the title in the name of the mortgagee and extinguishes the interests of the mortgagor and all subsequent mortgagee: Conveyancing and Property Ordinance (Cap 219) s 53(2). Application must be made to a court for a foreclosure order. The court issues a decree nisi and gives to the mortgagor a set time (usually three to six months) in which to repay the principal, interest and costs. If the mortgagor fails to do so, the decree is made absolute and the land vests in the mortgagee free of the mortgagor's equity of redemption and free of the interests of subsequent mortgagee. The court has the discretion to set aside a foreclosure order in appropriate circumstances to permit the mortgagor to redeem: Frencher Ltd (In Liquidation) & Anor v The Bank of East Asia Ltd [1995] 2 HKC 263 (HC). The court may make an order for sale of the property as an alternative to a foreclosure order. See also Equity of redemption; Mortgagee's power of sale.
指承按人可取得對按揭土地的絕對所有權及管有，作為按揭債項的完全償付，按揭人的衡平法贖回權即告終絕：Heath v Pugh (1881) 6 QBD 345 （芵國上訴法院）。僅會在償還本金的到期日過後才會產生止贖權（除非按揭條款容許可在利息將要逾期的情況下行使補救方法，則屬例外）。止贖令將所有權轉歸予承按人，並終絕按揭人及所有其後承按人的權益：《物業轉易及財產條例》（第219章）第53(2)條。就止贖令而言，必須向法庭申請，法庭會發出暫准判令，並給予按揭人預定期限償付本金、利息和訟費（通常為時3至6個月）。凡按揭人沒有如此償付，則該判令會成為絕對判令，該土地亦會在不受按揭人的衡平法贖回權和其後承按人的權益約束的情況下歸予承按人。在適當的情況下，法庭有酌情決定權將止贖令作廢，讓按揭人作出贖回：Frencher Ltd (In Liquidation) & Anor v The Bank of East Asia Ltd [1995] 2 HKC 263 （高等法院）。法庭可作出將該財產出售的命令，以代替止贖令。另見 Equity of redemption; Mortgagee's power of sale。n.

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