- the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default
Found on http://www.webdictionary.co.uk/definition.php?query=foreclosure
Where a mortgage lender (mortgagee) can apply to the High Court to force a borrower (mortgagor) to pay off their mortgage completely or have the lender seize and sell the property to in order to pay off the debt.
Found on http://www.compactlaw.co.uk/legal_glossary/f/foreclosure.html
The procedure by which a homeowner forfeits his property to the lender (mortgagee) following... <a target=_blank href='http://www.finance-glossary.com/terms/foreclosure.htm?id=574&ginPtrCode=00000&PopupMode=false' title='Read full definition of foreclosure'>more</a>
Found on http://www.finance-glossary.com/pages/home.htm
In law, the transfer of title of a mortgaged property from the mortgagor (borrower, usually a home owner) to the mortgagee (loaner, for example a bank) if the mortgagor is in breach of the mortgage...
Found on http://www.encyclo.co.uk/local/20688
Is a legal process where the lender takes back a property upon the default of the loan by a borrower. The lender sells the property keeping the proceeds to pay for the mortgage and legal costs and returns the balance, if there is any, to the borrower.
Found on http://www.encyclo.co.uk/local/20965
The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager's right of redeeming a mortgaged estate.
Found on http://www.encyclo.co.uk/webster/F/58
the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default
Found on http://wordnetweb.princeton.edu/perl/webwn?s=foreclosure
Process by which the holder of a mortgage seizes the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract.
Found on http://www.duke.edu/~charvey/Classes/wpg/bfglosf.htm
• (n.) The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager`s right of redeeming a mortgaged estate.
Found on http://thinkexist.com/dictionary/meaning/foreclosure/
legal proceeding by which a mortgagor`s rights to a mortgaged property may be extinguished if the mortgagor (borrower) fails to live up to the ... [1 related articles]
Found on http://www.britannica.com/eb/a-z/f/46
The legal process by which a lender acquires possession of the property securing a mortgage loan when the borrower defaults.
Found on http://www.glossarycentral.com/mortgage/foreclosure.html
Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgago
Found on http://en.wikipedia.org/wiki/Foreclosure
a legal process in which mortgaged property is sold to pay the loan of the defaulting borrower. Foreclosure laws are based on the statutes of each state.
Found on http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/buying
- Seizure of COLLATERAL by a CREDITOR when DEFAULT under a loan agreement occurs.
Found on http://www.nysscpa.org/prof_library/guide.htm
Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner`s failure to comply with an agreement between the lender and borrower called a `mortgage` or `deed of trust`. Commonly, the violation of the mortgage is a default in payment of a prom
Found on http://www.oenb.at/dictionary/termini.jsp?EINTRAG_ID=1938
The act by the mortgagee or trustee upon default in the payment of interest or principal of a mortgage of enforcing payment of the debt by selling the underlying security.
Found on http://www.sba.gov/about-offices-content/1/2896/resources/13240
When a borrower cannot repay a loan and the lender seeks to sell the property. The legal process by which the mortgagor's equitable or statutory right to redeem mortgaged property is terminated. The actual procedures vary from state to state.
Found on http://www.lectlaw.com/def/f051.htm
(n) Foreclosure is the closing of a liability, obligation, receivables etc by recovering the dues by other means like selling the lien , mortgages etc in his possession, before waiting the action or fulfillment from the debtor.
Found on http://www.legal-explanations.com/definitions/foreclosure.htm
Foreclosure is the legal right of a lender of money if the borrower fails to repay the money or part of it on the due date. The lender must apply to a court to be permitted to sell the property that has been held as security for the debt. The court will order a new date for payment in an order called a foreclosure nisi. If the borrower again fails
Found on http://www.probertencyclopaedia.com/browse/JF.HTM
In law, the transfer of title of a mortgaged property from the mortgagor (borrower, usually a home owner) to the mortgagee (loaner, for example a bank) if the mortgagor is in breach of the mortgage agreement, usually by failing to make a number of payments on the mortgage (loan). The mortgagor may keep or sell the mortgaged property, often by aucti
Found on http://www.talktalk.co.uk/reference/encyclopaedia/hutchinson/m0022699.html
A legal procedure whereby the lender eventually obtains ownership of the property after the borrower has defaulted on payments.
Found on http://www.tdcanadatrust.com/mortgages/glossary.jsp
the legal process by which a bank or lender sells a property after a borrower fails to meet the repayment terms of the loan.
Found on http://www.thetruthaboutmortgage.com/mortgage-dictionary/
A proceeding in or out of court, to extinguish all rights, title, and interest, of the owner(s) of property in order to sell the property to satisfy a lien against it.
Found on http://www.pmel.org/RealEstate-Mortgage-Glossary.htm
A legal proceeding in which the default borrower is extinguished of all rights, title and interest on the underlying property.
Found on http://www.ratezip.com/mortgage-glossary.html
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
Found on http://www.eloan.com/s/show/glossary
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