Recent Examples of foreclosure from the Web
By then, the house had long been lost to foreclosure.
Prosecutors said that Schlyer provided false and fraudulent documents to an elderly couple and Amcore Bank in order to postpone foreclosure on the Aurora property.
Her efforts halted at least 1,400 foreclosures, delayed many more sheriff’s sales and became a model throughout the U.S. She was even invited to the White House.
According to foreclosure documents obtained by PEOPLE, George and Cindy Anthony allegedly owe $128,852.06 to U.S. Bank for a mortgage on the single-family home.
Lawyers also are available to: help residents replace wills and other important legal documents destroyed in the hurricane; help with consumer protection issues; and provide counseling on mortgage-foreclosure problems or landlord/tenant concerns.
Last week, the agency put in place a 90-day moratorium on foreclosures in the region for mortgages insured by the Federal Housing Administration, which is part of HUD.
By the end of the decade, more than 30,000 foreclosures had been filed.
It's been on-and-off the market several times over the past few years, most recently making headlines when plans for a foreclosure auction were cancelled last week.
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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