Jan 20 , 2016

Tampa School of Real Estate

Foreclosure

Definition:   A legal procedure whereby property used as security for a debt is sold to satisfy the debt owing to default in payment of the mortgage note or default in other terms of the mortgage document.

Pronunciation:   \(ˌ)fȯr-ˈklō-zhər\

Used in a Sentence:    Once the owner stopped making mortgage payments, the lender started foreclosure proceedings on the property.

 

F