Lucas owned an apartment building. Needing money to make som…
Lucas owned an apartment building. Needing money to make some repairs and improvements, he went to Brilliant Bank and applied for a loan. Brilliant Bank loaned Lucas $100,000, secured by a mortgage on the apartment building. Last month, Lucas defaulted on his mortgage payments. Brilliant Bank instituted foreclosure proceedings and wishes to take possession of the apartment building in order to collect the rents from the property.Does Brilliant Bank have the right to take possession of the apartment building before foreclosure?