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Foreclosure
(redirected from Forclosure)

    Also found in: Legal, Encyclopedia, Wikipedia, Hutchinson 0.03 sec.
Foreclosure
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.

Notes:
In some cases, to avoid foreclosing on a home, creditors try to make adjustments to the repayment schedule to allow the homeowner to retain ownership. This situation is known as a special forbearance or mortgage modification.

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.


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As a result, we intend to lease many of the medallions we will own at the end of the forclosure process and expect that this leasing income will have a positive impact on our Chicago operations.
Ameritrans Reports Third Quarter Results by Business Wire
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