Foreclosure - Law Dictionary Search Results

Foreclosure

Foreclosure. A mortgagee, or any person claiming an interest in the

strict foreclosure 1 : a proceeding in which the amount due on

foreclosure 1 : a legal proceeding that bars or extinguishes a

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statutory foreclosure : a foreclosure in which a mortgagee or trustee executes

sell the mortgaged property to satisfy the loan and avoid foreclosure. Source: U.S. Department of Housing and Urban Development

foreclosure sale see sale

of a mortgage debt after default but prior to a foreclosure becoming effective [a right to property prior to the actual

deed-in-lieu to avoid foreclosure ("in lieu" of foreclosure), a deed is given to the

mortgagee under a power of sale; (3) a decree for foreclosure by the Court; (4) lapse of time (twelve years) under

inseparable incident of a mortgage--an incident unextinguishable, save by a foreclosure decree, a sale by the mortgagee under a power, express

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