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InvestHub.com's
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.
 

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.
 

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.
 

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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