Recent Examples of foreclosure from the Web
Industry experts say the affect on customers whose cars were repossessed is likely more catastrophic - similar to losing your home in a foreclosure or declaring bankruptcy - and could last for years.
The coming decades brought white flight and disinvestment, starting with the loss of manufacturing jobs in the 1970s and '80s, followed by the foreclosure crisis, evictions and tax delinquencies of today.
Barkley found out the truth when a man on a motorcycle came to paste a notice from her mortgage lender on the door warning of foreclosure.
Yet most of that relief came the bad way, as families shed mortgage debt through foreclosures and distressed sales during the housing-market cataclysm.
The auction, scheduled for July 19 in lower Manhattan, would mark the biggest foreclosure in the city’s residential history.
Property owner Joseph Tages, 71, lost the land after getting into legal and financial trouble that forced him into foreclosure.
Experts say historic underemployment and a foreclosure crisis that hit black communities hard are among the reasons why African Americans are missing out on a quintessential part of the American dream.
On just one street in East Price Hill -- McPherson Avenue -- almost half the properties went into foreclosure.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'foreclosure.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of foreclosure
Financial Definition of FORECLOSURE
What It Is
How It Works
1. The borrower signs a contract agreeing to repay the lender over a period of time, usually in predetermined installments.
2. The borrower misses one or more payments.
3. The lender sends the borrower one or more notices of delinquency.
4. The borrower and the lender try to adjust the repayment schedule so that the borrower is more likely to make at least some of the payments until he or she gets back on his feet. (This process is called special forbearance or mortgage modification.)
5. The borrower misses additional payments.
6. The lender sends the borrower a notice of default and initiates foreclosure proceedings.
7. The lender puts the property up for sale and publishes a notice of the sale in the local paper. The notice includes a description of the property, the name of the borrower, and other information. The borrower might file Chapter 13 bankruptcy to stop the foreclosure temporarily.
8. A public auction occurs during business hours, and the highest bidder is usually entitled to buy the property. At that point, the borrower cannot get the property back unless he or she buys it back.
Why It Matters
The foreclosure process can take several months, if not years, and it does long-term damage to a person's credit report. It is important to note that foreclosure laws vary by state, and they affect the order or duration of these steps. It is also important to note that the federal Fair Debt Collection Practices Act affects foreclosure proceedings by stipulating the methods lenders can use to go after bad debts.
[Click here to read Seven Ways to Stop a Foreclosure on Your Home]
legal Definition of foreclosure
Seen and Heard
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