foreclosure
Bank takes property
Foreclosure is the legal process by which a lender takes possession of property when a borrower fails to make mortgage payments.
The lender sells the property to recover the outstanding debt: They lost their home to foreclosure.
The term extends metaphorically to any cutting off of possibilities: His early mistakes led to the foreclosure of other options.
Secured home loan
- defaultPreset standard option
- lenderOne who loans money
- borrowerOne who takes temporarily
- delinquencyCriminal or neglectful behavior
arrears · creditor · lien · payment · overdue · deficiency · balance · collateral
Forced departure from rental
- homelessnessLacking permanent residence
- vacateLeave a place empty
- relocationPermanent change of residence
- dispossessionDeprival of property rights
lockout · sheriff · uprooting · shelter · displacement · tenant · occupant · possession
Of courts and judges
- nonjudicialNot through courts
- courtTrial venue or sports surface
- summonsFormal court notification
- complaintExpression of discontent
judgment · litigation · attorney · settlement · statute · short sale · title · deficiency judgment
One's personal residence
- houseResidential building
- real estateLand and its structures
- equityImpartial treatment or ownership value
- deedWritten property conveyance
title · appraisal · market value · negative equity · maintenance · abandonment · blight · vacancy
Persistent apprehensive distress
- stressPressure, mental or vocal
- distressSevere anxiety or suffering
- shamePainful awareness of failure
- fearEmotional response to threat
uncertainty · panic · hopelessness · depression · helplessness · embarrassment · stigma · grief
Exchange for payment
- bidderOne who makes offers
- gavelSmall ceremonial hammer
- reserve priceMinimum acceptable bid
- opening bidFirst price proposed
public auction · courthouse steps · trustee · listing · advertisement · bank-owned · as-is · cash buyer
mortgage
Secured home loan
delinquency · arrears · creditor · lien · payment · overdue · deficiency · balance · collateral · adjustable-rate
eviction
Forced departure from rental
- homelessnessLacking permanent residence
- vacateLeave a place empty
- relocationPermanent change of residence
dispossession · lockout · sheriff · uprooting · shelter · displacement · tenant · occupant · possession
judicial
Of courts and judges
- nonjudicialNot through courts
- courtTrial venue or sports surface
- summonsFormal court notification
complaint · judgment · litigation · attorney · settlement · statute · short sale · title · deficiency judgment · statute of limitations
home
One's personal residence
- houseResidential building
- real estateLand and its structures
- equityImpartial treatment or ownership value
deed · title · appraisal · market value · negative equity · maintenance · abandonment · blight · vacancy · neighborhood decline
anxiety
Persistent apprehensive distress
fear · uncertainty · panic · hopelessness · depression · helplessness · embarrassment · stigma · grief · trauma
sale
Exchange for payment
- bidderOne who makes offers
- gavelSmall ceremonial hammer
- reserve priceMinimum acceptable bid
opening bid · public auction · courthouse steps · trustee · listing · advertisement · bank-owned · as-is · cash buyer · investor
- debtdebt, creditor, owe, debtor, lender
- finance termsnet profit, gross profit, budget, credit, debt
- mortgagesfixed-rate mortgage, mortgage broker, adjustable-rate mortgage, mortgage payment, mortgage insurance
- housing crisishousing bubble, housing crash, subprime mortgages, subprime loans, mortgage default
- housingapartments, home, house, houses, homes
- financial termswealth, asset, currency, balance sheet, audit
foreclosureownership
Legal right of possession
homeownership · clear title · free and clear · equity · possession
foreclosurepayoff
Culminating benefit received
loan repayment · redemption · refinancing · loan modification · financial solvency
- foreclosure preventionStopping bank repossession
- bank foreclosure
- foreclosure saleAuction of seized property
- foreclosure auctionSale of repossessed property
- foreclosure processLender reclaiming defaulted property
- foreclosure noticeLender's property seizure announcement