Crossword clues for foreclosure
The Collaborative International 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.
Douglas Harper's Etymology Dictionary
1728, from foreclose + -ure.
Wiktionary
n. (context legal English) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments
WordNet
n. the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default
Wikipedia
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.
Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).
Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose (in plain English, immediately terminate) the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a " mortgage" or " deed of trust." Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien." If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment. In many states in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale.
Foreclosure (also known as "foreclusion"; ) is the English translation of a term that the French psychoanalyst Jacques Lacan introduced into psychoanalysis to identify a specific psychical cause for psychosis.
Usage examples of "foreclosure".
Pittsburgh area could no longer make mortgage payments, and foreclosure sales were scheduled, 60 pickets jammed the courthouse to protest the auction, and Allegheny sheriff Eugene Coon halted the proceedings.
The supple Patrick Henry Hanway thanked the aristocracy for the honor, took the place, and carried out their wishes for patrolling oysterbeds, protecting canvasbacks, and preventing foreclosures.
A right of redemption allowed by State law upon foreclosure of a mortgage was unavailing to defeat a plan for reorganization of a debt or corporation where the trial court found that the claims of junior lienholders had no value.
As lieutenant governor, Donnelly early showed his sympathy with the farmers by championing laws which lowered the legal rate of interest and which made more humane the process of foreclosure on mortgages.
There was a defect in the foreclosure proceedings which made them a permanent underlying security of the reorganized company--under The Northern Pacific R.
He referred to international data banks for stock-market trends, economic indicators, unemployment data, factory closings, interest rates, wage-price movements, financial-institution failures, strikes, lock-outs, bankruptcies, foreclosures, fluctuations in exchange rates, commodity prices, oil and gas shortages, imbalances of trade, assassinations, political instabilities, coups, terrorist attacks, and third-world nuclear capabilities.
After I dropped out a few scattered foreclosures, gambling losses, and in-family transfers, I had about forty left.
Currently, a handful of agro-conglomerates are working to drive America's remaining small farmers off their land by systematically paying them less for their produce than it costs to grow, thus forcing them to get loans from the conglomerates' banks, assume mortgages, and undergo foreclosures and the sale of land to corporate-controlled agribusiness.
Currently, a handful of agro-conglomerates are working to drive America’s remaining small farmers off their land by systematically paying them less for their produce than it costs to grow, thus forcing them to get loans from the conglomerates’ banks, assume mortgages, and undergo foreclosures and the sale of land to corporate-controlled agribusiness.
The newspapers were full of stories of worker layoffs and farm foreclosures and bank failures, just as they are today.
I did not appear but through this agent I forced the foreclosure, and but few days (no more, believe me, than the law allowed) were given John Claverhouse to remove his goods and chattels from the premises.
Nichols, along with his Sanilac country neighbors, witnessed dozens of farm foreclosures as a result.
In one case, near the Blue Ridge, to the west, the land and trailer had been sold at a tax lien foreclosure to a couple who currently lived there.