Recent Examples of foreclosure from the Web
Rental demand has grown since the Great Recession and housing crisis of 2007 and 2008 as homeowners stuck in foreclosure, millennials buried by student debt and Baby Boomers expecting to downsize have sought less expensive rental options.
In reality, according to the indictment, Matthews controlled the property, which is in foreclosure again.
After a divorce and John Kluge's death, Patricia fell on hard times, defaulted on loans and was facing foreclosure.
The bill contains protections for tenants facing foreclosure and for people working in the financial industry who report exploitation of senior citizens.
Well, then integration could be beneficial because the carmakers could eliminate markups in prices along their supply chain and pass the savings on to consumers, so the possibility of foreclosure may not be great enough to intervene.
Parkview has faced foreclosure three times in the last four months on the brewery and an adjacent property, property records show.
But those programs were more robust during the foreclosure crisis, when federal lending agencies were acquiring thousands of homes.
Dever, an attorney, passed multiple bills during his first years as a lawmaker, including the D.O.L.L.A.R. Deed, which allows a homeowner to rent their home when facing foreclosure rather than being evicted.
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.
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).