foreclosure sale
Lender's property auction
A foreclosure sale is the public auction of property seized by a lender after the borrower defaults on a mortgage.
The sale recovers the outstanding debt, with proceeds going first to the lender; any surplus goes to the former owner.
They lost their home at a foreclosure sale after missing six months of payments.
- deficiency judgmentCourt order for remaining debt
- property deedLegal land ownership document
- auctionCompetitive public sale
- cash buyerOne who pays outright
- lienClaim securing debt
housing crisis · American Dream · walking away · mortgage · underwater mortgage · title search · interest rate · homelessness · eviction · default judgment · arrears · bankruptcy proceedings · principal balance · credit score · appraisal · real estate agent · refinancing · equity
- liquidationsliquidation, closeout, going out of business, insolvency, receivership
- forced salesseizure, property seizure, writ of execution, pre-foreclosure, bank-owned
- foreclosureforeclosure auction, foreclosure prevention, foreclosure notice, mortgage default, pre-foreclosure
- auctionsauction, bidding, bid, auctioneer, auction house
- real estatehouse, home, apartment, property, rent
- closeout salesliquidation, closeout, going out of business, everything must go, selloff
fore, close, closure, sale, foreclose, foreclosed, foreclosing, closures, closed