foreclosure sale


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foreclosure sale

n. the actual forced sale of real property at a public auction (often on the court house steps following public notice posted at the court house and published in a local newspaper) after foreclosure on that property as security under a mortgage or deed of trust for a loan that is substantially delinquent. See foreclosure for a description of that process. The lender who has not been paid may bid for the property, using his/her/its own unpaid note toward payment, which can result in a bargain purchase. (See: foreclosure, mortgage, deed of trust, forced sale, sheriff's sale, judicial sale, execution)

References in periodicals archive ?
Bank takes title to the property after a $635,000 foreclosure sale.
1445(a) withholding amount or the alternative amount that will be reported and paid to the IRS, and the amount that will be paid to the court or trustee from the foreclosure sale.
The Handbook stated, in pertinent part, that "a servicer may not refer any loan to foreclosure or conduct a scheduled foreclosure sale unless and until .
Oreo's appraiser testified the fair market value of the property was $4,330,000 at the time of the foreclosure sale.
Recovered from John Nock and Hank Broyles at December 2010 foreclosure sales of $910,000 and $320,000.
The property to be auctioned at the foreclosure sale is comprised of two pre-war, walk-up five-story apartment buildings, located between Amsterdam and Columbus Avenues, totaling 40 residential units and approximately 18,720 elf.
The proposal would specify "that a foreclosure sale shall not begin until a representative of the plaintiff is present and that the plaintiff has the right to cancel the sale upon notice to the clerk.
Bank of America Corp (NYSE: BAC) has announced that it is planning to extend the foreclosure sale moratorium for customers who are eligible for the Treasury's Home Affordable Modification Programme.
According to the IRS, the property value is always the price obtained at the foreclosure sale.
The reduction in indebtedness resulting from this transaction resulted in debt relief income and not foreclosure sale gain.
Wells Fargo initiated or completed three modifications for every one foreclosure sale on owner-occupied properties from October 2009 through March 2010.