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Foreclosure |
Also found in: Legal, Encyclopedia, Wikipedia, Hutchinson | 0.06 sec. |
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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. Foreclosure. Foreclosure occurs when your lender repossesses your home because you have defaulted on your mortgage loan or home equity line of credit. You default by failing to pay interest and repay the principal you owe on time. Foreclosed property is often sold at auction to allow the lender to recover some of or all the outstanding debt. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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. To collect the remaining debt, the lender posts a foreclosure sale notice on the house and it is put up for public sale. 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. |
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