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foreclosure sale definition
the actual forced sale of real property at a public auction (often on the courthouse
steps following public notice posted at the courthouse and published in a local
newspaper) after foreclosure on that property as security under a mortgage or deed
of trust for a loan that is substantially delinquent. The lender who has not been
paid may bid for the property, using his/her/its own unpaid note toward payment,
which can result in a bargain purchase.
See also deed of trust execution forced sale foreclosure judicial sale mortgage
sheriff's sale
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