What does it mean when it says foreclosed?
Foreclosure happens when a borrower fails to pay their mortgage payments and the lender or mortgage investor must repossess and then sell the home. Foreclosure can also happen when the homeowner fails to pay their property taxes or homeowners association fees.
What is another word for foreclosed?
Find another word for foreclose. In this page you can discover 16 synonyms, antonyms, idiomatic expressions, and related words for foreclose, like: exclude, expropriate, preclude, deprive, shut out, forestall, dispossess, confiscate, impound, bar and seize.
Is foreclosure a noun?
noun Law. the act of foreclosing a mortgage or pledge.
What does it mean to be foreclosed upon?
Foreclosures. Updated: October 7, 2021 | Maureen Milliken. Home > Real Estate > Foreclosures. Foreclosure means a lender is looking to take possession of a home when the borrower – the homeowner – isn’t making payments on the mortgage loan used to buy it.
What does auction mean on Zillow?
At the auction, the home is sold to the highest bidder for cash payment. Because the pool of buyers who can afford to pay cash on the spot for a house is limited, many lenders make an agreement with the borrower (called a deed in lieu of foreclosure) to take the property back.
What is the root word of foreclosure?
Foreclose comes from the Old French forclore, “exclude or shut out,” which led to its sense of “bar from happening,” and also the legal meaning, “bar someone from redeeming a mortgage.” If a bank forecloses on a property, they take it away from the person who lives there.
How do you use foreclosure in a sentence?
Foreclosure in a Sentence ?
- Before filing for foreclosure, the lender gave the debtor one last chance to settle the debt.
- Although the homeowner paid several missed payments, it was not enough to stop foreclosure on the estate.
- To stop the foreclosure on my home, I filed for bankruptcy and was able to keep my property.
What is a dead pledge?
Filters. (law) The conveyance of an estate to another for money borrowed, to be held by him until the debt is paid out of the rents and profits. noun.
What is foreclosure in psychology?
Identity foreclosure is a stage of self-identity discovery in which an individual has an identity but hasn’t explored other options or ideas. To progress beyond this stage a person must develop their own identity by questioning their traits and exploring other options. …