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foreclosure sale |
Also found in: Financial, Encyclopedia, Wikipedia, Hutchinson | 0.06 sec. |
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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) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The notice of sale contains information about the trustee and the property along with a warning to the borrower that the property is about to be lost at a public foreclosure sale. To collect the remaining debt, the lender posts a foreclosure sale notice on the house and it is put up for public sale. David and Theresa Bischoff are trying to stop the eviction from the home in which they and their three children have lived since 1995, claiming proper foreclosure sale procedures weren't conducted. |
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