foreclosure Definition

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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foreclosure is ...
... part of the Lending & Credit and Real Estate subjects.

Related Terms

forbearance -

judicial foreclosure - More

right of redemption -

Certificate of Claim, Notice of Sale, preforeclosure sale, real estate owned, REO

foreclosure appears in these other terms

nonjudicial foreclosure

foreclosure appears in the definitions of these other terms on BusinessDictionary.com

right of redemption, workout arrangement, foreclosure order, special lien, open mortgage, and