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foreclosure sale

n. 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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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications