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Foreclosure

A legal procedure in which property mortgaged as security for a loan is sold to pay the defaulting borrower's debt.

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  • Part of Speech: noun
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  • Blossary:
  • Industry/Domain: Banking
  • Category: Mortgage
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Related terms

foreclosure
Legal services; Courts

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

foreclosure
Banking; Refinance

A foreclosure is when a lender sells the property securing the mortgage loan at an advertised public auction to recover the amounts owed on the mortgage and any other costs ...

foreclosure
Law; General law

A legal proceeding that bars or extinguishes right.

foreclosure
Financial services; General 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
Real estate; General

A legal procedure whereby property used as security for 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 ...

acceleration
Banking; Real estate; Mortgage; Mortgage

The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower) or by using the right vested in the ...

Equity
Banking; Mortgage

The amount a home-owner would receive for a house with the mortgage not completely paid. Subtract the the amount left to pay on the owner's mortgage from current market value of a ...

indemnifiable tax
Banking; Mortgage

If such Tax is an Indemnifiable Tax, X will pay to Y, in addition to the payment to which Y is entitled under this Agreement, such additional amount as is necessary to ensure that ...

VA loan
Real estate; Mortgage

A loan made by a private lender that is partially guaranteed by the Veterans Administration.

adjustable-rate mortgage
Real estate; Mortgage

A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.

acceleration clause
Real estate; Mortgage

A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the ...

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