foreclosure
Definition
The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.
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Related Terms
forbearance, judicial foreclosure, right of redemption
'foreclosure
' appears in the definitions of these other terms on BusinessDictionary.com right of redemption, workout arrangement, foreclosure order, certificate of claim, debt restructuring, and 
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