Foreclosure

The legal process by which a borrower who can’t pay back 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 applied to the mortgage debt. Because Sally has been unable to make the monthly payments on the mortgage loan, her home has been placed in foreclosure.

KWHS Term Suggestion

Is there a term you would like defined? Suggest it here: