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fore·clos·ure /fōr-'klō-zhər/ n1: a legal proceeding that bars or extinguishes a mortgagor's equity of redemption in mortgaged real property see also deficiency judgment at judgment, redeem, right of redemption, statutory foreclosure, strict foreclosure 12: the extinguishment (as under the provisions of Article 9 of the Uniform Commercial Code) of the rights of a debtor in personal property subject to a security interest by judicial proceedings and esp. by judicial sale see also strict foreclosure 2
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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I
noun
confiscation, deprivation, disentitlement, dislodgment, dispossession, distraint, distress, divestment, enforcement of mortgage, eviction, expropriation, expulsion, forfeiture, legal enforcement of a lien, privation, process of extinguishment of rights, removal, suit to extinguish the equity of redemption
associated concepts: ejectment, foreclosure decree, foreclosure of a lien, foreclosure of a mortgage, foreclosure of collateral, foreclosure proceedings, foreclosure sale, redemption by purchaser
II
index
attachment (seizure), bar (obstruction), condemnation (seizure), disseisin, expropriation (divestiture), forfeiture (act of forfeiting), taking
Burton's Legal Thesaurus. William C. Burton. 2006
- foreclosure
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the right to take mortgaged property in satisfaction of the amount due. Where a mortgagor has defaulted on his obligations under the terms of the mortgage, the mortgagee has a number of powers available to him to protect his investment. One of these is the power to foreclose. Foreclosure can be effected only by an order of the court that involves, first, the granting of an order of foreclosure nisi, which effectively gives the mortgagor six months' grace within which to raise the sums due; if the mortgagor has failed to do this, the foreclosure becomes absolute, whereupon the rights of the mortgagor in the property cease and become vested in the mortgagee.
Collins dictionary of law. W. J. Stewart. 2001.
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The legal process by which a creditor with a claim (lien) on real estate forces a sale of the property in order to collect on the lien. Foreclosure typically begins when a homeowner falls behind on mortgage payments for several months.(See also: judicial foreclosure, nonjudicial foreclosure)Category: Bankruptcy, Foreclosure & Debt → BankruptcyCategory: Bankruptcy, Foreclosure & Debt → ForeclosureCategory: Personal Finance & RetirementCategory: Real Estate & Rental Property → Homeowners
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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foreclosureforecloseThis term has different meanings depending on the context in which it is used:• In the context of property law, where, if a mortgagor of land fails to repay the loan, the mortgagee obtains a court order under which it becomes owner of the land.• In the context of competition law, the closing of potential opportunities to actual or potential competitors by means of exclusivity arrangements (so that, for example, a party who agrees to purchase all his requirements for products of a particular range from one supplier denies other suppliers the opportunity of supplying him). There will be foreclosure where such arrangements make it difficult to enter the market and where there are no concrete possibilities for bypassing those arrangements, for example, by acquiring or using other distribution formats.+ foreclosureforecloseUSAforeclose, Also known as foreclosure.A secured lender's act to terminate a debtor's interest in collateral. The lender can either take title and possession of the collateral or force a sale of the collateral.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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n. An action brought by the holder of a security interest in property to terminate the owner's interest in order to take possession of, or to sell the property, in satisfaction of the secured debt.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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A procedure by which the holder of a mortgage—an interest in land providing security for the performance of a duty or the payment of a debt—sells the property upon the failure of the debtor to pay the mortgage debt and, thereby, terminates his or her rights in the property.
Dictionary from West's Encyclopedia of American Law. 2005.
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A procedure by which the holder of a mortgage—an interest in land providing security for the performance of a duty or the payment of a debt—sells the property upon the failure of the debtor to pay the mortgage debt and, thereby, terminates his or her rights in the property.II A court proceeding upon default in a mortgage to vest title in the mortgagee.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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n.the system by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), requires sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, when the debtor fails to make payment. After the payments on the promissory note (which is evidence of the loan) have become delinquent for several months (time varies from state to state), the lender can have a notice of default served on the debtor (borrower) stating the amount due and the amount necessary to "cure" the default. If the delinquency and costs of foreclosure are not paid within a specified period, then the lender (or the trustee in states using deeds of trust) will set a foreclosure date, after which the property may be sold at public sale. Up to the time of foreclosure (or even afterwards in some states) the defaulting borrower can pay all delinquencies and costs (which are then greater due to foreclosure costs) and "redeem" the property. Upon sale of the property the amount due is paid to the creditor (lender or owner of the judgment) and the remainder of the money received from the sale, if any, is paid to the lender. There is also judicial foreclosure in which the lender can bring suit for foreclosure against the defaulting borrower for the delinquency and force a sale. This is used in several states with the mortgage system or in deed of trust states when it appears that the amount due is greater than the equity value of the real property, and the lender wishes to get a deficiency judgment for the amount still due after sale. This is not necessary in those states which give deficiency judgments without filing a lawsuit when the foreclosure is upon the mortgage or deed of trust.
Law dictionary. EdwART. 2013.
