What does strict foreclosure allow the mortgagee to do when the law day passes without equitable redemption by the mortgagor?

Strict foreclosure is a legal process that occurs when a mortgagor fails to redeem the property by paying off the debt by the designated law day. In this scenario, the mortgagee (the lender) is allowed to retain both the deed and the land without having to sell it. This process eliminates the need for further legal action to dispose of the property, as the mortgagee can directly take ownership once the mortgagor's right to redeem has expired.

The essence of strict foreclosure lies in the focus on the mortgagee's rights to recover their interest directly, rather than resorting to a sale. By retaining the deed and the property, the mortgagee effectively solidifies their ownership, which is a significant outcome of the strict foreclosure process.

Other options highlight different aspects of property and mortgage management but do not reflect the direct consequences of strict foreclosure. Thus, retaining the deed and land accurately illustrates what happens when the mortgagor does not exercise equitable redemption before the law day.