Foreclosure Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Foreclosure, written in plain English, along with examples of how it is used.

What is Foreclosure?

(n) Foreclosure is the closing of a liability, obligation, receivables etc by recovering the dues by other means like selling the lien , mortgages etc in his possession, before waiting the action or fulfillment from the debtor.