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foreclosure |
Also found in: Legal, Financial, Encyclopedia, Wikipedia | 0.01 sec. |
foreclosureIn law, the transfer of title of a mortgaged property from the mortgagor (borrower, usually a home owner) to the mortgagee (loaner, for example a bank) if the mortgagor is in breach of the mortgage agreement, usually by failing to make a number of payments on the mortgage (loan). The mortgagor may keep or sell the mortgaged property, often by auction. If the selling price is less than the mortgage, the mortgagee is responsible to the mortgagor for the difference. If the selling price is more than the worth of the mortgage, the mortgagor must give the mortgagee the difference. If the mortgage calls for instalment payments, foreclosure may be warded off if the mortgagee pays all back payments and expenses incurred. Otherwise, foreclosure can be cancelled only by the payment of the mortgage in full. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The Canadian market rebounded within a few months with the main losers being property investors and estate agents; but the Americans have seen the decline hit home owners with a lot of short sales and forclosures. Florida lawyers are now available to assist homeowners facing forclosure. Lord Hanningfield, Tory leader of Essex, was said to be 'close to making anannouncement' about keeping open 15 of the county's 31 post offices due forclosure. |
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