google bot detected Foreclosure Sale | Real Estate Glossary | Realestateagent.com

Foreclosure Sale


Definition of "Foreclosure sale"

A legal procedure to sell a mortgage property to the highest bidder in order to satisfy a mortgage claim from a mortgagee against the value o the property. A foreclosure sale can occur from a judicial sale where a court orders the sale after hearing a foreclosure petition filed against a mortgagor by a mortgagee. A foreclosure by power of sale contained in a mortgage allows a mortgagee to have a foreclosure sale, after providing proper legal notice to a defaulting mortgagor, without the end for judicial recourse.



Related Real Estate Glossary terms

Related Real Estate FAQ