Foreclosure

A legal action that ends all ownership rights in a home when the homebuyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage.

A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower. Foreclosure laws are based on the statutes of each state.

A legal proceeding to extinguish all rights, title, and interest of the owner(s) of a property in order to sell the property to satisfy a lien against it.

A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default.

The legal process by which a property may be sold and the proceeds of the sale applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the homeowner is in default for a reason other than the failure to make timely mortgage payments.

Foreclosure occurs when your lender repossesses your home because you have defaulted on your mortgage loan or home equity line of credit.

You default by failing to pay interest and repay the principal you owe on time. Foreclosed property is often sold at auction to allow the lender to recover some or all of the outstanding debt.

the legal process by which a property may be sold and the proceeds of the sale applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the homeowner is in default for a reason other than the failure to make timely mortgage payments.

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