foreclosure

/forklowzhsr/
To shut out, to bar, to destroy an equity of redemption. Anderson v. Barr, 178 Okl. 508, 62 P.2d 1242, 1246.
A termination of all rights of the mortgagor or his grantee in the property covered by the mortgage. The process by which a mortgagor of real or personal property, or other owner of property subject to a lien, is deprived of his interest therein. A proceeding in equity whereby a mortgagee either takes title to or forces the sale of the mortgagor's property in satisfaction of a debt. Procedure by which mortgaged property is sold on default of mortgagor in satisfaction of mortgage debt. If proceeds from sale fail to pay debt in full, mortgagee creditor may obtain a deficiency judgment (q.v.).
A default under a security interest in personal property can be foreclosed by a judicial sale of collateral. U.C.C. No. 9-501.
In common usage, refers to enforcement of lien, trust deed, or mortgage in any method provided by law.
See also equity of redemption.
@ statutory foreclosure
The term is sometimes applied to foreclosure by execution of a power of sale contained in the mortgage, without recourse to the courts, as it must conform to the provisions of the statute regulating such sales.
@ strict foreclosure
A decree of strict foreclosure of a mortgage finds the amount due under the mortgage, orders its payment within a certain limited time, and provides that, in default of such payment, the debtor's right and equity of redemption shall be forever barred and foreclosed; its effect is to vest the title of the property absolutely in the mortgagee, on default in payment, without any sale of the property
@ foreclosure decree
Properly speaking, a decree ordering the strict foreclosure of a mortgage; but the term is also loosely and conventionally applied to a decree ordering the sale of the mortgaged premises and the satisfaction of the mortgage out of the proceeds
@ foreclosure sale
A sale of mortgaged property to obtain satisfaction of the mortgage out of the proceeds, whether authorized by a decree of the court or by a power of sale contained in the mortgage.
See also deficiency judgment
@

Black's law dictionary. . 1990.

Look at other dictionaries:

  • foreclosure — fore·clos·ure /fōr klō zhər/ n 1: a legal proceeding that bars or extinguishes a mortgagor s equity of redemption in mortgaged real property see also deficiency judgment at judgment, redeem …   Law dictionary

  • Foreclosure — Fore*clo sure (?; 135), n. The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager s right of redeeming a mortgaged estate. [1913 Webster] …   The Collaborative International Dictionary of English

  • foreclosure — A termination of the mortgagor s rights in real property a trustee at the request of the mortgagee by virtue of a default (SA Bankruptcy.com) That action that a lender will take to repossess and sell a piece of property for defaults in mortgage… …   Glossary of Bankruptcy

  • foreclosure — (n.) 1728, from FORECLOSE (Cf. foreclose) + URE (Cf. ure) …   Etymology dictionary

  • foreclosure — [fôr klō′zhər] n. the legal procedure for satisfying claims against a mortgagor in default who has not redeemed the mortgage: satisfaction may be obtained from the proceeds of a forced sale of the property …   English World dictionary

  • Foreclosure — For Lacan s psychoanalytic process, see Foreclosure (psychoanalysis). House in Salinas, California under foreclosure, following the popping of the U.S. real estate bubble. Foreclosure is the legal process by which a mortgage lender (mortgagee),… …   Wikipedia

  • foreclosure — A remedy provided by state law for creditors secured by an interest in real property to obtain title to the property under certain conditions. American Banker Glossary Process by which the holder of a mortgage seizes the property of a homeowner… …   Financial and business terms

  • foreclosure — /fawr kloh zheuhr, fohr /, n. Law. the act of foreclosing a mortgage or pledge. [1720 30; FORECLOSE + URE] * * * Legal proceeding by which a borrower s rights to a mortgaged property may be extinguished if the borrower fails to live up to the… …   Universalium

  • foreclosure — [[t]fɔː(r)klo͟ʊʒə(r)[/t]] foreclosures N VAR Foreclosure is when someone who has lent money to a person or organization so that they can buy property takes possession of the property because the money has not been repaid. [TECHNICAL] If… …   English dictionary

  • foreclosure — The legal right of a lender of money if the borrower fails to repay the money or part of it on the due date. The lender must apply to a court to be permitted to sell the property that has been held as security for the debt. The court will order a …   Accounting dictionary

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