foreclosure
fore·clo·sure
F0248600 (fôr-klō′zhər)fore•clo•sure
(fɔrˈkloʊ ʒər, foʊr-)n.
foreclosure
| Noun | 1. | foreclosure - the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default |
| 单词 | foreclosure | |||
| 释义 | foreclosurefore·clo·sureF0248600 (fôr-klō′zhər)fore•clo•sure(fɔrˈkloʊ ʒər, foʊr-)n. foreclosure
foreclosureforeclosureforeclosureForeclosureA 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. Statutory foreclosure is foreclosure by performance of a power of sale clause in the mortgage without need for court action, since the foreclosure must be done in accordance with the statutory provisions governing such sales. Strict foreclosure refers to the procedure pursuant to which the court ascertains the amount due under the mortgage; orders its payment within a certain limited time; and prescribes that in default of such payment a debtor will permanently lose his or her equity of redemption, the right to recover the property upon payment of the debt, interest, and costs. The title of the property is conveyed absolutely to the creditor, on default in payment, without any sale of the property. foreclosuren. 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. (See: mortgage, deed of trust, forced sale, execution, notice of default) foreclosurethe 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.Ask a LawyerQuestionCountry: United States of AmericaState: FloridaWe have an upcoming date concerning foreclosure on our home during which they are going to set a sale date. We need to delay this first meeting by a week so we can get a payoff figure from the mortgage company. Is there any way to file paperwork or reasons that we can file a motion that will help buy us some time? AnswerIt is difficult to do unless the parties agree...you can say you are unavailable for some serious reason etc.ForeclosureForeclosureForeclosureForeclosure.Foreclosure occurs when your lender repossesses your home because you have defaulted on your mortgage loan or home equity line of credit. You default by failing to pay interest and repay the principal you owe on time. Foreclosed property is often sold at auction to allow the lender to recover some of or all the outstanding debt. foreclosurethe refusal by a VERTICALLY INTEGRATED firm to supply inputs to non-integrated rivals, or distribute their products, as a means of putting them at a competitive disadvantage. Under UK COMPETITION POLICY, cases of vertical integration may be referred to the COMPETITION COMMISSION for investigation. See REFUSAL TO SUPPLY.foreclosurethe refusal by a VERTICALLY INTEGRATED firm to supply inputs to non-integrated rivals, or distribute their products, as a means of putting them at a competitive disadvantage. In market situations where there are a substantial number of alternative independent supply sources and outlets, rival suppliers are unlikely to be inconvenienced. However, the control by a DOMINANT FIRM of the majority of input sources and outlets, combined with limitations on the establishment of new ones, could have serious anti-competitive consequences. Under UK COMPETITION POLICY, cases of vertical integration may be referred to the COMPETITION COMMISSION for investigation. See REFUSAL TO SUPPLY.foreclosureThe destruction of a borrower's rights in mortgaged property, except as may be allowed under statutes giving a post-foreclosure right of redemption.The foreclosure process varies among states,but generally segregates into judicial foreclosures and nonjudicial foreclosures. • Judicial foreclosures involve filing a petition with a court, asking that court to enter an order as to the amount due under a mortgage loan, and then granting the lender permission to sell the property and apply the proceeds to the debt. • Nonjudicial foreclosures are accomplished by providing some sort of public notice of the default and scheduled auction of the mortgaged property, and then carrying out the auction process. • Some states allow a statutory right of redemption after foreclosure. This gives the borrower, and sometimes other creditors of the borrower, a certain amount of time to redeem the property by paying the foreclosure purchaser the full amount of the purchase price plus interest at a rate defined in the statute. This is different from the equity of redemption. • The term equity of redemption means all rights of the borrower before foreclosure, but which are extinguished at foreclosure. If the borrower has any rights after foreclosure, they are granted by specific statutes giving a right of redemption. • Some states have consumer protection statutes to guard against predatory purchasers taking advantage of foreclosure panic on the part of homeowners. • If a borrower deeds the mortgaged property to the lender in order to avoid a foreclosure, that is called a deed in lieu of foreclosure. It is a risky route for the lender because all liens remain on the property, even those that might have been cleared off by a foreclosure. • In most states, if a foreclosure sale does not bring enough money to satisfy the debt, the lender may sue the borrower for something called a deficiency judgment. Exceptions occur in states that limit that right when the debt is a first mortgage on the borrower's primary residence. Another exception would be if the borrower has negotiated a nonrecourse mortgage that insulates it from any personal liability. • Aforeclosure obliterates the rights of the owner (except as noted previously) and virtually all creditors who might have filed claims after the mortgage was foreclosed. This includes second mortgages, if the first mortgage is being foreclosed. The five major categories of parties who may still have claims on property after a foreclosure are 1. Those who hold mortgages or have other claims which were filed before the mortgage 2. The IRS, if the foreclosing lender did not give it the proper notice required by federal law. 3. Those holding mechanics' and materialmen's liens, which might be for work started on 4. Local or state governments to which real estate taxes are due. 5. A bankruptcy trustee, who may set aside a foreclosure under the proper circumstances. ForeclosureThe legal process by which a lender acquires possession of the property securing a mortgage loan when the borrower defaults. See Payment Problems/Position of the Lender/Permanent Problem. foreclosure
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