A process in chancery by which all further right existing in a mortgagor to redeem the estate is defeated and lost to him, and the estate becomes the absolute property of the mortgagee; being applicable when the mortgagor has forfeited his estate by non-payment of the money due on the mortgage at the time appointed, but still retains the equity of redemption. 2 Washb. Real Prop. 237. Goodman v. White,20 Conn. 322; Airing ton v. Liscom, 31 Cal. 370, 04 Am. Dec. 722; Appeal of Ansonia Nat. Bank, 58 Conn. 257, 18 Atl. 1030; Williams v. Wilson, 42 Or. 200, 70 Pac. 1031, 05Am. St. Repi 745.The term is also loosely applied to any of the various methods, statutory or otherwise, known in different jurisdictions, of enforcing payment of the debt secured by a mortgage, by taking and selling the mortgaged estate.Foreclosure Is also applied to proceedings founded upon some other liens; thus there are proceedings to foreclose a mechanic’s lien.
What is FORECLOSURE?
Written and fact checked by The Law Dictionary