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 mrotgage debt
The legal process where the borrower is in default of the mortgage payment This usually involves the mortgage company taking over the property The mortgage company will try to sell the house or put it up for auction to have profit applied to the Mortgage debt
The legal process by which a borrower in default under 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
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property, usually through a forced sale of the property at public auction The money from the property's sale is applied to the mortgage debt
The legal process by which a borrower in default under a mortgage or deed of trust, loses his/her interest in the mortgaged property; this process usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt
(return to top) 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
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
A legal procedure whereby the lender obtains ownership of the property following default by the borrower by terminating all of the borrower's rights in the property covered by the mortgage
Foreclosure is when someone who has lent money to a person or organization so that they can buy property takes possession of the property because the money has not been repaid. If homeowners can't keep up the payments, they face foreclosure If interest rates go up, won't foreclosures rise?. Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. The lender may then declare the entire debt due and owing and may seek to satisfy it by foreclosing. Foreclosure is commonly by a court-decreed sale of the property to the highest bidder, who is often the lender. See also mortgage
An enforcement process in which the lender under a defaulted mortgage takes title to the property for the purposes of selling it to recoup moneys owed under the mortgage
An authorized procedure taken by a mortgagee or lender under the terms of a mortgage or deed of trust for the purpose of having the property applied to the payment of a defaulted debt