This section is from the book "The Law Of Real Property and Other Interests In Land", by Herbert Thorn Dike Tiffany. Also available from Amazon: A Treatise on the Modern Law of Real Property and Other Interests in Land .
Akin to strict fore closure in equity, as vesting in the mortgagee an absolute estate in the land itself, is foreclosure by the peaceable entry of the mortgagee upon the premises, and his retention of possession thereafter for a specified time. This is provided for by the statutes of Maine, Massachusetts, New Hampshire, and Rhode Island.74
Works, 36 Ore. 90, 78 Am. St. Rep 759. 58 Pac. 863.
69. Carpenter v. Plagge, 192 III. 82. 61 N. E. 530; McCormick v. Higgins, 190 III. App. 241.
70. See Goodenow v. Ewer, 16 Cal. 461, 76 Am. Dec. 540; Nevin v. Lulu & White Silver Min. Co., 10 Colo. 357, 15 Pac. 611; Browne v. Browne, 17 Fla. 607, 623, 35 Am. Rep. 96; Blood v. Shepard, 69 Kan. 752, 77 Pac. 565; Davis v. Holmes, 55 Mo. 349.
72. Waters v. Hubbard, 44
Conn. 340; Ellis v. Leek, 127 III. 60, 3 L. R. A. 259, 20 N. E. 218; Brainard v. Cooper, 10 N. Y. 356; Bradley v. Chester Valley R. Co., 36 Pa. St. 141; Champion v. Hin-kle, 45 N. J. Eq. 162, 16 Atl. 701.
73. Hatch v. White, 2 Gall. 152, Fed. Cas. No. 6,209; Vansant v. Allmon, 23 III. 30; Spencer v. Harford. 4 Wend. (N. Y.) 386; Hazard v. Robinson, 15 R. I. 226, 2 Atl. 433; Devereaux v. Fairbanks, 52 Vt. 587; Paris v. Hulett, 26 Vt. 308. See Windham County Sav. Bank v. Himes, 55 Conn. 433, 12 Atl. 517.
74. Stimson's Am. St. Law, 1921. See 2 Jones, Mortgages, c. 28.
The entry must be in the presence of witnesses, whose certificate as to the entry is filed for record, and this serves as notice to the owner and persons interested in the land.75 The statutes require that the entry be peaceable, and, if it is opposed, judicial proceedings must be resorted to.76 After entry, the mortgagee must retain possession, by himself or some person in his behalf.77
The severity of foreclosure in this way without a sale is mitigated by provisions of the statutes giving a considerable time after entry in which the property may be redeemed, this being three years, except in New Hampshire, where it is one year.78 The effect of the foreclosure is to cancel the mortgage debt to the extent of the value of the land at the time at which the foreclosure is completed.79