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• 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.

  Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition
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  Cite Definition for Foreclosure

  American Psychological Association (APA)

  Foreclosure. (n.d.). Making Home Affordable Glossary. Retrieved June 6, 2023, from website: http://www.expertglossary.com/definition/foreclosure.

  Chicago Manual of Style (CMS)

  Foreclosure. www.makinghomeaffordable.gov. Making Home Affordable Glossary. Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program. http://www.expertglossary.com/definition/foreclosure (accessed: June 6, 2023).

  Modern Language Association (MLA)

  "Foreclosure." Making Home Affordable Glossary. Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program. 6 June. 2023 http://www.expertglossary.com/definition/foreclosure.

• Browse Related Terms: Deferred payments, Foreclosure, Home Affordable Foreclosure Alternatives Program (HAFA), Home Affordable Modification Program (HAMP), Home Affordable Refinance Program (HARP), Home Owners’ Loan Act, Loss Mitigation, Second Lien Modification Program (2MP), Trial Period or Trial Period Plan, Work Out

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