“The areas of concentration include the speedy perfection of mortgage title, Strata titles, sale by auction, remedy for wrongful sale, introduction of provision for foreclosure, amongst others, which have been incorporated into the bill.
Mrs Benson-Awoyinka said that the purpose of the amendment in Section 39 was not to take away the jurisdiction of the courts through the law, but to create certainty in mortgage dealings. Mrs Benson-Awoyinka said the excess or surplus money accruing from the foreclosure sale in this instance, should be due to the mortgagor.
The Managing Director/Chief Executive Officer, Nigeria Mortgage Refinance Company , Kehinde Ogundimu,“We are generally fine with majority of the amendments except Section 39 which provides that: ‘where mortgage property is sold at a higher price than the amount owed, the excess or surplus money accruing from the foreclosure sale shall be due the mortgagor,” he said.