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Foreclosure
(redirected from Foreclosure sale)

    Also found in: Legal, Encyclopedia, Wikipedia, Hutchinson 0.06 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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The notice of sale contains information about the trustee and the property along with a warning to the borrower that the property is about to be lost at a public foreclosure sale.
Foreclosure specialist launching bankruptcy department by Degtyareva, Victoria / Los Angeles Business Journal
To collect the remaining debt, the lender posts a foreclosure sale notice on the house and it is put up for public sale.
Stay out of foreclosure: here's what to do if you miss a mortgage ... by Khabir, Naeemah / Black Enterprise
David and Theresa Bischoff are trying to stop the eviction from the home in which they and their three children have lived since 1995, claiming proper foreclosure sale procedures weren't conducted.
SAUGUS FAMILY FIGHTS EVICTION FROM HOME by Daily News (Los Angeles, CA)
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