real estate
home for sale
 
house for sale
Foreclosure is a legal process in which a mortgagee attempts to recover the balance of a loan from a home owner who has stopped making payments on the mortgage by forcing the sale of the home used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower 's(mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific legal procedure).
fore closures
 
A lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to foreclose the property, courts of equity can grant the home owner  the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose (in plain English, immediately terminate) the equitable right of redemption and take both legal and equitable title to the property in fee simple. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.