foreclosure

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foreclosure

The depriving of the right to a property by legal transfer of title, esp. because of failure to maintain mortgage payments.
References in periodicals archive ?
When foreclosed real estate is sold at auction, the proceeds are sued to pay off the outstanding mortgage and other debt related to the property.
One of the good features of this bill is it provides that once an innocent buyer buys a property that's been foreclosed, then they are not at risk of losing that property and it maintains the ability of an injured party to get financial damages," he said.
Blackstone's growing commitment to this strategy helps to show that the purchasing of foreclosed residences is gaining legitimacy among the largest private-equity firms.
DeAnna Dipo, Salt Lake Board of Realtors president, says prospective foreclosed property buyers are finding great deals, particularly those purchasing Salt Lake County homes.
However, even compared to homes in census tracts with similar poverty levels, foreclosed homes show higher vacancy rates than others ycars after the auction.
banks alone hold $7 billion in foreclosed houses on their books, RealtyTrac says.
We estimate that this is as high as 1,000 hotels in addition to the 529 in default or foreclosed.
Any damages, if there were any, would likely be between the property's original owners and the servicer or bank or credit union that foreclosed on the property, not between the former owners and the current owners," John said.
5 million to buy and resell foreclosed and abandoned properties on Main Street and in the Tree Streets neighborhood.
We contract with contractors and lenders directly," Nicolo said, explaining that the company helps property owners and neighborhoods comply with city codes so that foreclosed properties don't "present a problem in a neighborhood.
It will be used to purchase and rehabilitate, resell or redevelop foreclosed or abandoned homes and residential properties, with the goal of stabilizing neighborhoods and stopping the decline of home values.
Many foreclosed homes are owned by government-sponsored Fannie Mae.