For Foreclosure we have terms and definitions in 15 topics. The topics are Accounting, Accounting Terms, Canadian Law, Finance, Foreclosure, Home Equity, Housing, Insolvency, Law, Legal, Mortgage, Purchasing A Home, Real Estate, Real Estate Appraisal and Refinance.

Foreclosure (Accounting)

Seizure of COLLATERAL by a CREDITOR when DEFAULT under a loan agreement occurs.

Foreclosure (Accounting Terms)

Seizure of COLLATERAL by a CREDITOR when DEFAULT under a loan agreement occurs.

Foreclosure (Canadian Law)

The technical meaning of the word is to wipe out a right of redemption on a property. Generally, this is what happens when someone does not pay their mortgage. Even though there has been no payments, the borrower retains a equitable right of redemption if, some day, he or she were able to find the money and try to exercise their right of redemption. To clear the title of this potential, a lender goes to court, demonstrates the default, requests that a date be set where the entire amount becomes payable after which, in the absence of payment, the lender is automatically relieved of the requirement to redeem the property back to the borrower; the debtor's right of redemption is said to be forever barred and foreclosed. This cancels all rights a borrower would have in the property and the property then belongs entirely to the lender, who is then free to possess or sell the property. The word is frequently used to generally refer to the lender's actions of repossessing and selling a property for default in mortgage payments.

Foreclosure (Finance)

Process by which the holder of a mortgage seizes the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract.

Foreclosure (Foreclosure)

A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title in the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale, free of all encumbrances affecting the property subsequent to the mortgage.

Foreclosure (Home Equity)

A legal procedure in which property securing debt is sold by the lender to pay a defaulting borrower's debt.

Foreclosure (Housing)

A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.

Foreclosure (Insolvency)

That action that a lender will take to repossess and sell a piece of property for defaults in mortgage payments.

Foreclosure (Law)

A court proceeding upon default in a mortgage to vest title in the mortgagee.

Foreclosure (Legal)

A court proceeding upon default in a mortgage to vest title in the mortgagee.

Foreclosure (Mortgage)

A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property.

Foreclosure (Purchasing A Home)

The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mrotgage debt.

Foreclosure (Real Estate)

The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

Foreclosure (Real Estate Appraisal)

A legal term applied to any of the various methods of enforcing payment of the debt secured by a mortgage, or deed of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession.

Foreclosure (Refinance)

A legal procedure in which property securing debt is sold by the lender to pay a defaulting borrower's debt.

Similar

Browse words that start with:

• Fo
• For
• Fore
• Forec
• Foreclosure

Browse All Terms by First Letter

Term Search