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
Legal Definition of foreclosure
1 : a legal proceeding that bars or extinguishes a mortgagor's equity of redemption in mortgaged real property — see also deficiency judgment at judgment, redeem, right of redemption, statutory foreclosure, strict foreclosure 1
2 : the extinguishment (as under the provisions of Article 9 of the Uniform Commercial Code) of the rights of a debtor in personal property subject to a security interest by judicial proceedings and especially by judicial sale — see also strict foreclosure 2
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