 990,243,607 visitors served. | 
|
 Dictionary/ thesaurus |  Medical dictionary |  Legal dictionary |  Financial dictionary |  Acronyms |  Idioms |  Encyclopedia |  Wikipedia encyclopedia | ? |
foreclosure |
Also found in: Legal, Financial, Encyclopedia, Wikipedia | 0.04 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. |
|
Printer friendly
Cite / link
Email
Feedback
? Mentioned in | ? References in periodicals archive | |
|---|---|---|
Last year, Clarfield's Carbon Mesa sought judicial foreclosure against Shlens, and in June it won summary judgment - meaning Shlens had to pay up on the loan and accumulating interest and fees, unless he wins on appeal. The court also noted that a judicial foreclosure sale may also be set aside if there was an excusable mistake, particularly if such mistake caused the property to bring a much lower price that it otherwise would have. It is significantly less expensive and less time-consuming than a judicial foreclosure, he said. |
Judicial foreclosure
 |
| Free Tools: |
For surfers:
Browser extension |
Word of the Day |
Help
For webmasters: Free content NEW! | Linking | Lookup box | Double-click lookup | Partner with us |
|
|---|
Disclaimer |
Privacy policy |
Feedback | Copyright © 2008 Farlex, Inc.