Recent Examples of foreclosure from the Web
Nationally, foreclosures were down 14 percent month-over-month and 17 percent year-over-year.
The building moved into bank ownership after the foreclosure settlement earlier this year with 716 West Fourth Avenue LLC, a company owned by developers Mark Pfeffer and Bob Acree.
Chase Tower in downtown Phoenix has sold for almost $79 million through a foreclosure deal, and its new owners said plans are underway to renovate the tower built in 1972.
Dykstra, struggling with financial problems, unsuccessfully tried to sell the home before declaring bankruptcy, causing him to lose the property to foreclosure.
Martin Scorsese is being threatened with a foreclosure lawsuit on his New York City townhouse after his contractor allegedly failed to pay a supplier for building materials, according to court documents acquired by PEOPLE.
Somebody in Johnson-Bennett’s office has to find out if the homes that applied for buyouts have liens against them or foreclosure notices or any other complications before money changes hands.
Supporters of the spending point out that the money does not come from general taxes, but from a foreclosure fee.
This prompted a series of events including the bank and Lil' Kim mediating over the foreclosure in 2015, and just last May, a Bergen County judge ruled that the Queen Bee was in default.
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.
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.
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
What made you want to look up foreclosure? Please tell us where you read or heard it (including the quote, if possible).