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.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
It follows, the Gonicks contend, that the Citibank which foreclosed (the 'May' Citibank) lacked legal rights do so because it was not the entity (the 'July' Citibank) which possessed the right to foreclose.
Lisboa, who is marketing the foreclosed property, said of the former owners.
Vulcan's plan is to buy approximately 1,200 foreclosed homes, nearly half of which will be split between Broward and Palm Beach counties.
According to Reuters, Oliver Chang, a former head of US housing strategy at Morgan Stanley (NYSE: MS), has announced that he will launch a foreclosed home fund.
“Once a home is foreclosed, banks want it off the books as soon as possible, but too often just the opposite happens,” said Matt Kelton, Showhomes COO.
He had little, if any, equity in the property when the loan was foreclosed. The value of the property has since declined.
AHG's third-quarter Distressed California Hotel Survey showed 529 California hotels are in default or have been foreclosed on--a 10.7 percent increase from the second quarter and 71.2 percent higher than the third quarter last year.
But for homeowners seeking to sell their homes for the best price or home builders wondering when they will be able to get back to work, the news will likely slow the process of bringing foreclosed properties back on the market again even more.
Some $19 million in federal money is going to projects aimed at buying and reselling foreclosed and abandoned properties in four New Hampshire cities.
Foreclosed properties (ROPOAs) carried on the bank's balance sheet have also decreased, but the level remains higher than that found at other major universal banks.
Robert Palmer and Tammy Nicolo bring more than 60 years of combined experience in the real estate industry to their new business, REO RESQ, a foreclosed home-maintenance business.
Jeffrey Gould, president/CEO of BRT Realty Trust, said the buildings were bought from a bank that had foreclosed on the property.