Foreclosure Sale
/ˈfɔːrˌkloʊʒər seɪl/
Definitions
- (n.) A public auction of property repossessed through the legal process of foreclosure to satisfy a defaulted debt secured by that property.
The bank conducted a foreclosure sale to recover the unpaid mortgage balance.
Forms
- foreclosure sale
- foreclosure sales
Related terms
See also
Commentary
Foreclosure sales must comply with jurisdictional statutes and often require public notice to protect debtor and creditor rights.
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.