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Lagos, June 30, 2021 (NAN) The Lagos State Government has commenced processes to incorporate the âforeclosure clauseâ into the Lagos State Mortgage and Property Law to safeguard development of its real estate sector.
The Special Adviser to Gov. Babajide Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka said this on Wednesday, at a roundtable on the proposed amendment to the law in Lagos.
The News Agency of Nigeria (NAN) reports that foreclosure is the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.
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