foreclosure
noun
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Definition of foreclosure
Examples of foreclosure in a Sentence
Recent Examples on the Web
It was characterized by foreclosures and long-term unemployment. — Janna Herron, USA TODAY, "What could the next recession feel like? Stories from past downturns are a guide," 23 Aug. 2019 Presumably, the administration isn’t considering foreclosure. — Peter Baker, New York Times, "Trump’s Interest in Buying Greenland Seemed Like a Joke. Then It Got Ugly.," 21 Aug. 2019 And while fewer foreclosures are good, there are still too many for anyone’s comfort. — John Gallagher, Detroit Free Press, "Detroit can't cherry-pick statistics, ignore inconvenient facts," 21 Aug. 2019 The current foreclosure process is the result of a private lien holder that dates back to 2015. — Caitlin O'kane, CBS News, "New Jersey man with special needs nearly loses home until neighbors raise $50,000 to save it," 5 Aug. 2019 In October 2018 the property went under foreclosure, according to court records. — Paul Daugherty, Cincinnati.com, "Doc's Morning Line: The Curse of Max Montoya is alive and well for the Cincinnati Bengals," 24 July 2019 CoreLogic found that the foreclosure crisis pushed former owners into rental housing, while first-time buyers delayed entering the home market. — Patrick Sisson, Curbed, "Hot housing market has fueled economic expansion—and inequality," 18 July 2019 In Houston, the July after Harvey saw a 76 percent spike in foreclosure starts compared to the year before, according to property data company Attom. — R.a. Schuetz, Houston Chronicle, "Two years after Harvey, many are still behind on mortgages," 9 July 2019 But the scandal undermined the program’s credibility at the height of the foreclosure crisis — just as its mission was needed the most. — Tim Evans, Indianapolis Star, "5 housing schemes that dragged down Indianapolis neighborhoods," 28 June 2019These example sentences are selected automatically from various online news sources to reflect current usage of the word 'foreclosure.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
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More Definitions for foreclosure
foreclosure
nounFinancial Definition of foreclosure
What It Is
Foreclosure occurs when a lender seizes and sells a borrower's collateral after the borrower has failed to repay the lender. The term is most often associated with real estate.
How It Works
In general, there are eight events involved in a foreclosure (in this example, we assume the borrower has obtained a mortgage for a house from the lender).
1. The borrower signs a contract agreeing to repay the lender over a period of time, usually in predetermined installments.
2. The borrower misses one or more payments.
3. The lender sends the borrower one or more notices of delinquency.
4. The borrower and the lender try to adjust the repayment schedule so that the borrower is more likely to make at least some of the payments until he or she gets back on his feet. (This process is called special forbearance or mortgage modification.)
5. The borrower misses additional payments.
6. The lender sends the borrower a notice of default and initiates foreclosure proceedings.
8. A public auction occurs during business hours, and the highest bidder is usually entitled to buy the property. At that point, the borrower cannot get the property back unless he or she buys it back.
Why It Matters
The foreclosure process can take several months, if not years, and it does long-term damage to a person's credit report. It is important to note that foreclosure laws vary by state, and they affect the order or duration of these steps. It is also important to note that the federal Fair Debt Collection Practices Act affects foreclosure proceedings by stipulating the methods lenders can use to go after bad debts.
[Click here to read Seven Ways to Stop a Foreclosure on Your Home]
Source: Investing Answers
foreclosure
noun
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Legal Definition of foreclosure
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