Decree of Foreclosure and Sale

Announcement by a court that establishes the amount of outstanding mortgage and requires the property to be sold to pay off the debt.
Example: A mortgage lender went to court because a Debtor was six months late in making payments. After posting adequate public notice, the judge issued a decree of foreclosure and sale ordering the property to be auctioned off to the highest bidder on the courthouse steps to satisfy a $100,000 debt, which included principal, unpaid interest, and legal expenses.