Section 67. Right to foreclosure or sale

67. Right to foreclosure or sale.— In the absence of a contract to the contrary, the mortgagee has, at any time after the mortgage-money has become[3] [due] to him, and before a decree has been made for the redemption of the mortgaged property, or the mortgage-money has been paid or deposited as hereinafter provided, a right to obtain from the Court[4] [a decree] that the mortgagor shall be absolutely debarred of his right to redeem the property, or[4] [a decree] that the property be sold. A suit to obtain[4] [a decree] that a mortgagor shall be absolutely debarred of his right to redeem the mortgaged property is called a suit for foreclosure.