foreclosure

4 ENTRIES FOUND:

fore·clo·sure

noun \-ˈklō-zhər\

Definition of FORECLOSURE

:  an act or instance of foreclosing; specifically :  a legal proceeding that bars or extinguishes a mortgagor's right of redeeming a mortgaged estate

First Known Use of FORECLOSURE

1713

foreclosure

noun    (Concise Encyclopedia)

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.

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