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foreclosure |
Also found in: Dictionary/thesaurus, Legal, Financial, Acronyms, Wikipedia, Hutchinson | 0.06 sec. |
foreclosureLegal 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. |
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? Mentioned in | ? References in classic literature | |
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I did not appear but through this agent I forced the foreclosure, and but few days (no more, believe me, than the law allowed) were given John Claverhouse to remove his goods and chattels from the premises. You must remember that the first mortgage comes in for the first claim after taxes, and if the foreclosure doesn't bring enough to satisfy more than that, the second mortgage is sleeping on its rights. There are deeds of trust, mortgages, certificates of release, transfers, judgments, foreclosures, writs of attachment, orders of sale, tax liens, petitions for letters of administration, and decrees of distribution. |
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foreclosure
