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 ?
June 2: Lawrence Braggs files a lawsuit in Pulaski County Circuit Court asking for an emergency injunction to stop the foreclosure sale. The complaint alleges that U.S.
Comes now--, Plaintiff, by and through undersigned counsel, and respectfully moves this Court to cancel and reschedule a mortgage foreclosure sale and as grounds therefore states as follows:
Plaintiff requests an order to quiet title and declare her the rightful owner of the property, and declare the 2005, 2006 and 2009 mortgages void and the 2012 foreclosure sale void.
Oreo's appraiser testified the fair market value of the property was $4,330,000 at the time of the foreclosure sale. Centennial's appraiser determined the fair market value on that date was $14,905,000.
Recovered from Tom Terminella and Myron Morter and their Grand Valley Ridge LLC at a $4.1 million foreclosure sale in March 2009.
A north Pulaski County liquor store changed hands in a $370,500 foreclosure sale.
On July 7, 2009, the four properties were sold at auction in separate foreclosure sales. In the third foreclosure sale, Bank of America, as lien holder, purchased the parcel for $233,850.
The court of appeals noted that, on appellate review, the standard is whether the record contains any evidence to support the findings of the trial court that the property brought its true market value at the foreclosure sale. The court of appeals decided Conlon's opinion was not based on mere speculation and that the trial court had sufficient evidence that the true market value of the property was $1,540,000.
As long as the proper notice is provided, and the foreclosure sale is conducted in a commercially reasonable manner, the lender will be able to sell the collateral and if necessary, pursue the borrower for any deficiency.
In a matched pair involving distressed properties, the prior sale or the current sale--or in some cases even both--could be a foreclosure sale.
in North Little Rock through a $1.5 million foreclosure sale. The former owner is Little Rock Hospitality LLC, led by Rupinder Dhihon.