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Glossary   >   F   >   "Foreclosure" Definition            Foreclosure The procedure by which a homeowner forfeits his property to the lender (mortgagee) following default. This could be failure to pay interest on the loan. A foreclosure order is given by a court. Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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Foreclosure - The procedure by which a homeowner forfeits his property to the lender (mortgagee) following default. This could be failure to pay interest on the loan. A foreclosure order is given by a court.