foreclosure sale

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)