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foreclosure |
Also found in: Legal, Financial, Encyclopedia, Wikipedia | 0.06 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. |
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The notice of sale contains information about the trustee and the property along with a warning to the borrower that the property is about to be lost at a public foreclosure sale. To collect the remaining debt, the lender posts a foreclosure sale notice on the house and it is put up for public sale. David and Theresa Bischoff are trying to stop the eviction from the home in which they and their three children have lived since 1995, claiming proper foreclosure sale procedures weren't conducted. |
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Foreclosure sale
