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.
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