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ForeclosureA legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."
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Related Mortgage Definitions: Foreclosure Foreclosure A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property. When the process is complete, it is typically said that "the lender has ... more... Delinquency Delinquency Failure to make payments on time. This can lead to foreclosure. First, a mortgage becomes delinquent, when the borrower stops making payments. Second, the delinquency is either reinstated (payments are resumed) or the lender forecloses. ... more... First Mortgage First Mortgage A mortgage that has priority as a lien over all other mortgages. In the case of a foreclosure the first mortgage will be satisfied before other mortgages. ... more... Bridge Loan Bridge Loan A bridge loan is a short-term loan, usually a second mortgage, run for 6 month but may be taken taken out for a period of 2 weeks to 3 years. The borrower's current home (which is usually "for sale") is ... more... |
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