Writ Of Seizure And Sale
Definition of 'Writ Of Seizure And Sale'
An order issued by a court that allows the petitioner (usually a creditor) ownership of certain property and the ability to sell it once it has taken possession. Writs of seizure and sale are used to take possession of property when a borrower is in default and allows the petitioner to use the assistance of law enforcement in seizing the property.
Investopedia explains 'Writ Of Seizure And Sale'
A writ of seizure and sale can't be obtained after a few missed payments. Instead, it's an aggressive move made when a borrower has ignored all other attempts at collection and defaulted on a debt.
Seized property may be sold at a low price in order to quickly recoup some losses.