foreclosure

foreclosure definition - business

foreclosure

The legal seizure of property by a creditor from a borrower who has failed to make the required payments on a loan. The most likely outcome is for the lender to sell the property and use the proceeds to satisfy the outstanding balance on the loan.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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