Foreclosure
/fɔːrˈkloʊʒər/
Definitions
- (n.) The legal process by which a lender takes control of a property from a borrower who has failed to make mortgage payments.
The bank initiated foreclosure after the homeowner missed several payments.
- (n.) An action to terminate a borrower's equitable redemption rights by enforcing a mortgage or lien.
The foreclosure extinguished the borrower's right to reclaim the property.
Forms
- foreclosures
Related terms
See also
Commentary
Foreclosure typically requires strict compliance with statutory procedures; drafters should specify jurisdictional rules to avoid invalidation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.