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- Dictionaryforeclosure/fɔːˈkləʊʒə/
noun
- 1. the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments: "assistance for mortgage borrowers facing foreclosure"
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Mar 28, 2022 · Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of the mortgaged property and selling it.
FORECLOSURE definition: 1. the action of taking back property that was bought with borrowed money because the money was not…. Learn more.
Foreclosure by judicial sale, commonly called judicial foreclosure, involves the sale of the mortgaged property under the supervision of a court. The proceeds go first to satisfy the mortgage, then other lien holders, and finally the mortgagor/borrower if any proceeds are left.
Jul 2, 2024 · The meaning of FORECLOSURE is an act or instance of foreclosing; specifically : a legal proceeding that bars or extinguishes a mortgagor's right of redeeming a mortgaged estate.
Feb 13, 2018 · Foreclosure is a legal process by which a homeowner forfeits their rights to their property, based on their inability to make monthly mortgage payments (typically when a borrower is more than 120 days delinquent).
Feb 2, 2024 · Foreclosure is a process that’s triggered when a homeowner fails to make their mortgage payments. When a home is foreclosed on, a lender typically repossesses the property and attempts to sell it to recover their loss. Mortgage loans are secured by real estate.
Jul 22, 2024 · Foreclosure: Understanding the Process, Your Rights, and How to Avoid It. Written by Sarah Sharkey and Aly J. Yale; edited by Sarah Silbert. Jul 22, 2024, 1:08 PM PDT. A foreclosure stays on your...
