Definitions for foreclosed
fore·closed

WikipediaRate this definition:0.0 / 0 votes

1. foreclosed

   Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can repossess the property. Therefore, through the process of foreclosure, the lender seeks to immediately terminate the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowner association dues or assessments. The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause and if the sale does not bring enough to pay the existing balance of principal and fees, then the mortgagee can file a claim for a deficiency judgment. In many states in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale.

Webster DictionaryRate this definition:1.0 / 2 votes

1. Foreclosed

   of Foreclose

How to pronounce foreclosed?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say foreclosed in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of foreclosed in Chaldean Numerology is: 2

2. Pythagorean Numerology

   The numerical value of foreclosed in Pythagorean Numerology is: 3

Examples of foreclosed in a Sentence

1. Joseph McCroy:

   Once you get back, the first thing you try to do is find a good job. But if you ca n’t find a job, everything else starts to fall apart. My house was foreclosed on, truck repossessed, I got divorced … I was homeless.

2. Rafael Cruz:

   I said I would continue on as long as there was a viable path to victory. Tonight, I’m sorry to say it appears that path has been foreclosed.

3. Texas Sen. Ted Cruz:

   I said I would continue on as long as there was a viable path to victory. Tonight, I ’m sorry to say it appears that path has been foreclosed.

4. Ben Carson:

   I expect criticism. We don't talk about REOs anymore, we talk about foreclosed properties. I can honestly say there has not been a single conversation I've had since I've been here where we talked about REOs, do I know what they are ? Of course. Could I remember what the' O' was at that particular moment ? No. I couldn't.

5. Richard Cole:

   I certainly know that not many people can write a check for $ 85,000, and they shouldn't be foreclosed from getting the right treatment just because they don't have the available funds.

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References

1. ^ Wikipedia
   https://en.wikipedia.org/wiki/Foreclosed
2. ^ Webster Dictionary
   https://www.merriam-webster.com/dictionary/foreclosed