Real Estate Webmasters Glossary Definitions of Foreclosure

The process by which a bank, or other party that has interest in a property, transfers the title of real property used as security for a debt as a means of paying off the debt by the involuntary sale of the property.

This definition of Foreclosure contributed by Indy Realtor.

A proceeding in which the financer of a mortgage seeks to regain property because the borrower has defaulted on payments.