foreclosure


foreclosure
In the original inception of the term, a suit to extinguish the equity of redemption. A proceeding in a court of justice, conducted according to legal forms, in and by which a mortgagee, or assigns, or successor, or anyone who has by law succeeded to the rights and liabilities of a mortgagee, undertakes to dispose of, or bar, or cut off the legal or equitable claims of lien-holders, or of the mortgagor, or those who have succeeded to the rights and liabilities of the mortgagor. Arrington v Liscom, 34 Cal 365. In the ordinary present-day sense of the term, the enforcement of a lien, deed of trust, or mortgage in any method provided or sanctioned by law. Arrington v Liscom, 34 Cal 365.

Ballentine's law dictionary. . 1998.

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 — /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 …   Black's law dictionary

  • 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 …   Black's law dictionary

  • 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


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