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foreclosure
(redirected from Foreclosure sale)

    Also found in: Legal, Financial, Wikipedia, Hutchinson 0.03 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.
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The notice of sale contains information about the trustee and the property along with a warning to the borrower that the property is about to be lost at a public foreclosure sale.
Foreclosure specialist launching bankruptcy department by Degtyareva, Victoria / Los Angeles Business Journal
To collect the remaining debt, the lender posts a foreclosure sale notice on the house and it is put up for public sale.
Stay out of foreclosure: here's what to do if you miss a mortgage ... by Khabir, Naeemah / Black Enterprise
David and Theresa Bischoff are trying to stop the eviction from the home in which they and their three children have lived since 1995, claiming proper foreclosure sale procedures weren't conducted.
SAUGUS FAMILY FIGHTS EVICTION FROM HOME by Daily News (Los Angeles, CA)
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