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

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.

See more meaning on Foreclosure...

Foreclosure is the legal process by which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. 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, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. 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.

• Foreclosure prevention event to be held Thursday [Milwaukee Journal Sentinel] - Businessweek
  May 22--A group of mortgage lenders and nonprofit housing organizations will hold a free foreclosure prevention event in Milwaukee on Thursday. Troubled homeowners seeking assistance to help them avoid losing their homes will be able to meet ... Read more on this news related to 'Foreclosure'
• California Man Commits Suicide Before Foreclosure - ABC News
  "The engine is smoking like a chimney," Norman Rousseau told his wife after working on an RV that was expected to be home for the couple after they were evicted from their house in Newbury Park, Calif. Those would be the last words Oriane ... Read more on this news related to 'Foreclosure'
• Fla. Supreme Court considering foreclosure appeal - Yahoo Finance
  TALLAHASSEE, Fla. (AP) -- A homeowner's lawyer told the Florida Supreme Court on Thursday that the justices can strike a blow against rampant fraud by prohibiting lenders from simply voluntarily dismissing mortgage foreclosure cases to avoid ... Read more on this news related to 'Foreclosure'