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Finance Dictionary and Glossary of Investment Terms
foreclosure
Definition 1.
The legal process by which an owner's right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt.
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Definition 2.
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
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Definition 3.
The process of satisfying claims against someone who has defaulted on a loan, such as a mortgage. It usually involves the forced sale of the property to satisfy payment of the loan.
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Definition 4.
Process by which the holder of a mortgage seizes the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract.
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