Definitions for: Foreclosure


[n] the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default



Webster (1913) Definition: 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.

See Also: legal proceeding, proceeding, proceedings

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