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Related legal terms and Law definition:

foreclosure sale
When a homeowner is about 60 days past due on his/her mortgage payment, the lender (bank) might want to repossess the house to satisfy the outstanding debt. A Notice of Default is sent to the homeowner and that is how the foreclosure begins. After receipt of a Notice of Default a homeowner has certain time to pay the amount owed to the bank, or may … Full Definition »
Commercial Real Estate >> Real Estate Law