MLchartDataset catalogue

Foreclosure

Term · Law · MLC-T-LAW-002170

A legal process by which a lender repossesses and sells a property to recover the balance of a loan when the borrower has defaulted on their mortgage payments. This action terminates the borrower's ownership rights to the property. Foreclosure procedures vary by state, often involving judicial or non-judicial processes.

Table 1. Record
IdentifierMLC-T-LAW-002170
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002170",
  "term": "Foreclosure",
  "field": "Law",
  "definition": "A legal process by which a lender repossesses and sells a property to recover the balance of a loan when the borrower has defaulted on their mortgage payments. This action terminates the borrower's ownership rights to the property. Foreclosure procedures vary by state, often involving judicial or non-judicial processes.",
  "url": "https://mlchart.com/terminology/law/foreclosure/"
}

Record 2,079 of 5,441 in Law terminology (MLC-0107). Request the full dataset.