Foreclosure sale refers to the auction of a property that has been seized by a lender or creditor due to the owner’s failure to make mortgage payments or fulfil other financial obligations. It is typically conducted as part of the foreclosure process to recover the outstanding debt owed by the property owner. The sale is usually open to the public, and interested buyers can bid on the property. The proceeds from the sale are used to pay off the mortgage debt, along with any associated fees and expenses. If the sale generates more funds than needed to satisfy the debt, the surplus may be returned to the property owner or distributed according to applicable laws. If the sale proceeds are insufficient to cover the debt, the lender may pursue other legal remedies to recover the remaining balance.
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This glossary post was last updated: 29th March, 2024.
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