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foreclosure
(redirected from foreclosing)

    Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia 0.01 sec.

foreclosure

Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing. Foreclosure is commonly by a court-decreed sale of the property to the highest bidder, who is often the lender. See also mortgage.

foreclosure
The depriving of the right to a property by legal transfer of title, esp. because of failure to maintain mortgage payments.
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In general, credit unions appear to be foreclosing on a smaller percentage of their mortgage loans than other financial institutions and are usually taking longer to do it, according to credit union executives and NCUA data.
CUs foreclosing on fewer homes than banks and not as quickly by Morrison, David / Credit Union Times
Knowing the entire process involved in foreclosing properties is helpful too; this can be very advantageous when buying properties.
A Newcomer's Guide to the Miami Real Estate Market by Mark Michael Ferrer / Real estate industry community
One source of these properties is when banks are foreclosing upon builders who have not been able to sell their "spec" home.
Foreclosure Websites Can Be Your Secret Weapon by Chris Anderson, PhD / Business community
 
 
 
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