Recent Examples of foreclosure from the Web
The properties include two vacant lots and an empty building, which the city acquired through property tax foreclosure.
According to Mallach, the roots of today’s problem lie in the Great Recession and subsequent foreclosure crisis, in which many homeowners, especially lower-income residents, lost their homes.
The auction was announced earlier this month following a foreclosure.
The 40% spike in price for 1438 Seventeenth St. could be surprising for some — especially since the home sold for just $39,000 in 2013, following a mortgage foreclosure.
Baker came into office promising to turn around the county’s image and blunt the foreclosure crisis caused in part by lending practices that hit the majority-African-American jurisdiction particularly hard.
Wall Street firms such as Blackstone Group LP and Tom Barrack's Colony Capital Inc. rushed into the single-family rental business when U.S. housing markets were reeling from the foreclosure crisis and homes were available and cheap.
Photo: Craig Ruttle/Associated Press Mr. Brassner had filed for bankruptcy protection in 2015 to stave off a foreclosure on the unit.
Mickey and Minnie Baus, the couple that own the property, were close to losing it three years ago when Deutsche Bank won a foreclosure and planned to auction off the house and its contents in January 2015.
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
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