Definitions for Foreclosure
fɔrˈkloʊ ʒər, foʊr-fore·clo·sure

Princeton's WordNetRate this definition:0.0 / 0 votes

1. foreclosurenoun

   the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default

WiktionaryRate this definition:0.0 / 0 votes

1. foreclosurenoun

   the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments

WikipediaRate this definition:0.0 / 0 votes

1. Foreclosure

   Foreclosure is a 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 lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to immediately terminate the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowner association dues or assessments. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed 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 promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause and if the sale does not bring enough to pay the existing balance of principal and fees, then the mortgagee can file a claim for a deficiency judgment. In many states in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale.

ChatGPTRate this definition:0.0 / 0 votes

1. foreclosure

   Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments. This is typically done by selling the property used as collateral for the loan. The process begins when a borrower defaults on their loan obligations, leading to the lender taking legal action to repossess and sell the property to recoup their losses.

Webster DictionaryRate this definition:0.0 / 0 votes

1. Foreclosurenoun

   the act or process of foreclosing; a proceeding which bars or extinguishes a mortgager's right of redeeming a mortgaged estate

WikidataRate this definition:0.0 / 0 votes

1. Foreclosure

   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, or other lien holder, obtains a termination of a mortgage borrower's equitable right of redemption, either by court order or by operation of law. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that he can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.

Matched Categories

1. • Proceeding

How to pronounce Foreclosure?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say Foreclosure in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of Foreclosure in Chaldean Numerology is: 6

2. Pythagorean Numerology

   The numerical value of Foreclosure in Pythagorean Numerology is: 2

Examples of Foreclosure in a Sentence

1. Daren Blomquist:

   Although there are some local outliers, the downward foreclosure trend continued in the first half of 2016 in most markets nationwide, while U.S. foreclosure activity is still above its pre-recession levels, many of the states hit hardest by the housing crisis have now dropped below pre-recession foreclosure activity levels.

2. Daren Blomquist:

   While U.S. foreclosure activity is still above its pre-recession levels, many of the states hit hardest by the housing crisis have now dropped below pre-recession foreclosure activity levels.

3. Vanessa Oddo:

   Foreclosure is a more extreme form of hardship, it is increasingly evident that factors associated with poverty, including unemployment, housing instability, and food security, are related to child health.

4. The Sanders campaign:

   This ongoing( foreclosure) crisis makes reaching potential voters more difficult.

5. Jason Houle:

   Therefore, if we want to reduce the financial devastation associated with illness, a sensible way to do it would be to strengthen the social safety net and reduce the cost of health care, the ACA tries to do both of these things, though we would need more evidence to know whether policies like the ACA can break the link between becoming ill and foreclosure.

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References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=Foreclosure
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Foreclosure
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Foreclosure
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Webster Dictionary
   https://www.merriam-webster.com/dictionary/Foreclosure
6. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=Foreclosure