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Resources > Glossary > Foreclosure

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Common Terms 1   Common Terms 2

Foreclosure

Phonetics: fore·clo·sure    \'for-klō-'zhər\

Function: noun

Definition 1:
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being used to pay the mortgage debt.

Thesaurus / Related Terms
Default
Mortgage
Debt To Income Ratio