foreclosure auction
Bank seizes, sells
A foreclosure auction is a public sale of property seized by a lender after the borrower defaults on mortgage payments.
The property typically sells to the highest bidder, often at below-market prices.
Banks and investors are common buyers: We picked up a rental property at a foreclosure auction.
Also called a trustee sale or sheriff's sale depending on jurisdiction.
- title transferLegal ownership reassignment
- defaultPreset standard option
- underwater mortgageLoan exceeding property value
- lenderOne who loans money
- borrowerOne who takes temporarily
lien · mortgage · deed · deficiency judgment · trustee · redemption · escrow · hammer price · cash buyer · urban blight · reserve price · property valuation · repossession · bidding · bankruptcy · homeowner · competitive bidding · opening bid
- auctionsbidding, bid, bidder, hammer price, gavel
- foreclosureforced sale, mortgage default, loan default, sheriff's sale, deficiency judgment
- property transfersland sale, property sale, title transfer, home sale, inheritance
foreclosure, foreclose, foreclosed, forecloses, foreclosing, close, closed, closer, closes