foreclosure


foreclosure
The legal right of a lender of money if the borrower fails to repay the money or part of it on the due date. The lender must apply to a court to be permitted to sell the property that has been held as security for the debt. The court will order a new date for payment in an order called a foreclosure nisi. If the borrower again fails to pay, the lender may sell the property. This procedure can occur when a mortgagor fails to pay the mortgagee (bank, building society, etc. ) the mortgage instalments, in which the security is the house in which the mortgagor lives. The bank, etc. , then forecloses the mortgage, dispossessing the mortgagor. See feature Mortgage Law on p. 352.

Big dictionary of business and management. 2014.

Look at other dictionaries:

  • foreclosure — fore·clos·ure /fōr klō zhər/ n 1: a legal proceeding that bars or extinguishes a mortgagor s equity of redemption in mortgaged real property see also deficiency judgment at judgment, redeem …   Law dictionary

  • Foreclosure — Fore*clo sure (?; 135), n. The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager s right of redeeming a mortgaged estate. [1913 Webster] …   The Collaborative International Dictionary of English

  • foreclosure — A termination of the mortgagor s rights in real property a trustee at the request of the mortgagee by virtue of a default (SA Bankruptcy.com) That action that a lender will take to repossess and sell a piece of property for defaults in mortgage… …   Glossary of Bankruptcy

  • foreclosure — (n.) 1728, from FORECLOSE (Cf. foreclose) + URE (Cf. ure) …   Etymology dictionary

  • foreclosure — [fôr klō′zhər] n. the legal procedure for satisfying claims against a mortgagor in default who has not redeemed the mortgage: satisfaction may be obtained from the proceeds of a forced sale of the property …   English World dictionary

  • Foreclosure — For Lacan s psychoanalytic process, see Foreclosure (psychoanalysis). House in Salinas, California under foreclosure, following the popping of the U.S. real estate bubble. Foreclosure is the legal process by which a mortgage lender (mortgagee),… …   Wikipedia

  • foreclosure — A remedy provided by state law for creditors secured by an interest in real property to obtain title to the property under certain conditions. American Banker Glossary Process by which the holder of a mortgage seizes the property of a homeowner… …   Financial and business terms

  • foreclosure — /forklowzhsr/ To shut out, to bar, to destroy an equity of redemption. Anderson v. Barr, 178 Okl. 508, 62 P.2d 1242, 1246. A termination of all rights of the mortgagor or his grantee in the property covered by the mortgage. The process by which a …   Black's law dictionary

  • foreclosure — /forklowzhsr/ To shut out, to bar, to destroy an equity of redemption. Anderson v. Barr, 178 Okl. 508, 62 P.2d 1242, 1246. A termination of all rights of the mortgagor or his grantee in the property covered by the mortgage. The process by which a …   Black's law dictionary

  • foreclosure — /fawr kloh zheuhr, fohr /, n. Law. the act of foreclosing a mortgage or pledge. [1720 30; FORECLOSE + URE] * * * Legal proceeding by which a borrower s rights to a mortgaged property may be extinguished if the borrower fails to live up to the… …   Universalium

  • foreclosure — [[t]fɔː(r)klo͟ʊʒə(r)[/t]] foreclosures N VAR Foreclosure is when someone who has lent money to a person or organization so that they can buy property takes possession of the property because the money has not been repaid. [TECHNICAL] If… …   English dictionary


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