CINXE.COM

<!DOCTYPE html> <html class="client-nojs vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available" lang="en" dir="ltr"> <head> <meta charset="UTF-8"> <title>Foreclosure - Wikipedia</title> <script>(function(){var className="client-js vector-feature-language-in-header-enabled vector-feature-language-in-main-page-header-disabled vector-feature-sticky-header-disabled vector-feature-page-tools-pinned-disabled vector-feature-toc-pinned-clientpref-1 vector-feature-main-menu-pinned-disabled vector-feature-limited-width-clientpref-1 vector-feature-limited-width-content-enabled vector-feature-custom-font-size-clientpref-1 vector-feature-appearance-pinned-clientpref-1 vector-feature-night-mode-enabled skin-theme-clientpref-day vector-toc-available";var cookie=document.cookie.match(/(?:^|; )enwikimwclientpreferences=([^;]+)/);if(cookie){cookie[1].split('%2C').forEach(function(pref){className=className.replace(new RegExp('(^| )'+pref.replace(/-clientpref-\w+$|[^\w-]+/g,'')+'-clientpref-\\w+( |$)'),'$1'+pref+'$2');});}document.documentElement.className=className;}());RLCONF={"wgBreakFrames":false,"wgSeparatorTransformTable":["",""],"wgDigitTransformTable":["",""],"wgDefaultDateFormat":"dmy", "wgMonthNames":["","January","February","March","April","May","June","July","August","September","October","November","December"],"wgRequestId":"9f5a297e-601f-4638-8374-27f91b983351","wgCanonicalNamespace":"","wgCanonicalSpecialPageName":false,"wgNamespaceNumber":0,"wgPageName":"Foreclosure","wgTitle":"Foreclosure","wgCurRevisionId":1256343096,"wgRevisionId":1256343096,"wgArticleId":595535,"wgIsArticle":true,"wgIsRedirect":false,"wgAction":"view","wgUserName":null,"wgUserGroups":["*"],"wgCategories":["Webarchive template wayback links","CS1 maint: multiple names: authors list","Articles with short description","Short description is different from Wikidata","Articles with limited geographic scope from April 2019","United States-centric","Articles needing additional references from November 2013","All articles needing additional references","All articles with unsourced statements","Articles with unsourced statements from November 2011", "Articles with unsourced statements from October 2009","Articles with unsourced statements from April 2020","Articles needing additional references from June 2015","Articles with unsourced statements from April 2012","All articles with minor POV problems","Articles with minor POV problems from April 2012","Articles needing additional references from December 2016","Commons category link from Wikidata","Foreclosure","Mortgage","Financial problems","United States housing bubble","Urban decay","Real property law","Governmental auctions"],"wgPageViewLanguage":"en","wgPageContentLanguage":"en","wgPageContentModel":"wikitext","wgRelevantPageName":"Foreclosure","wgRelevantArticleId":595535,"wgIsProbablyEditable":true,"wgRelevantPageIsProbablyEditable":true,"wgRestrictionEdit":[],"wgRestrictionMove":[],"wgNoticeProject":"wikipedia","wgCiteReferencePreviewsActive":false,"wgFlaggedRevsParams":{"tags":{"status":{"levels":1}}},"wgMediaViewerOnClick":true,"wgMediaViewerEnabledByDefault":true, "wgPopupsFlags":0,"wgVisualEditor":{"pageLanguageCode":"en","pageLanguageDir":"ltr","pageVariantFallbacks":"en"},"wgMFDisplayWikibaseDescriptions":{"search":true,"watchlist":true,"tagline":false,"nearby":true},"wgWMESchemaEditAttemptStepOversample":false,"wgWMEPageLength":60000,"wgRelatedArticlesCompat":[],"wgCentralAuthMobileDomain":false,"wgEditSubmitButtonLabelPublish":true,"wgULSPosition":"interlanguage","wgULSisCompactLinksEnabled":false,"wgVector2022LanguageInHeader":true,"wgULSisLanguageSelectorEmpty":false,"wgWikibaseItemId":"Q231710","wgCheckUserClientHintsHeadersJsApi":["brands","architecture","bitness","fullVersionList","mobile","model","platform","platformVersion"],"GEHomepageSuggestedEditsEnableTopics":true,"wgGETopicsMatchModeEnabled":false,"wgGEStructuredTaskRejectionReasonTextInputEnabled":false,"wgGELevelingUpEnabledForUser":false};RLSTATE={"ext.globalCssJs.user.styles":"ready","site.styles":"ready","user.styles":"ready","ext.globalCssJs.user":"ready","user":"ready", "user.options":"loading","ext.cite.styles":"ready","skins.vector.search.codex.styles":"ready","skins.vector.styles":"ready","skins.vector.icons":"ready","jquery.makeCollapsible.styles":"ready","ext.wikimediamessages.styles":"ready","ext.visualEditor.desktopArticleTarget.noscript":"ready","ext.uls.interlanguage":"ready","wikibase.client.init":"ready","ext.wikimediaBadges":"ready"};RLPAGEMODULES=["ext.cite.ux-enhancements","mediawiki.page.media","site","mediawiki.page.ready","jquery.makeCollapsible","mediawiki.toc","skins.vector.js","ext.centralNotice.geoIP","ext.centralNotice.startUp","ext.gadget.ReferenceTooltips","ext.gadget.switcher","ext.urlShortener.toolbar","ext.centralauth.centralautologin","mmv.bootstrap","ext.popups","ext.visualEditor.desktopArticleTarget.init","ext.visualEditor.targetLoader","ext.echo.centralauth","ext.eventLogging","ext.wikimediaEvents","ext.navigationTiming","ext.uls.interface","ext.cx.eventlogging.campaigns","ext.cx.uls.quick.actions", "wikibase.client.vector-2022","ext.checkUser.clientHints","ext.growthExperiments.SuggestedEditSession","wikibase.sidebar.tracking"];</script> <script>(RLQ=window.RLQ||[]).push(function(){mw.loader.impl(function(){return["user.options@12s5i",function($,jQuery,require,module){mw.user.tokens.set({"patrolToken":"+\\","watchToken":"+\\","csrfToken":"+\\"}); }];});});</script> <link rel="stylesheet" href="/w/load.php?lang=en&modules=ext.cite.styles%7Cext.uls.interlanguage%7Cext.visualEditor.desktopArticleTarget.noscript%7Cext.wikimediaBadges%7Cext.wikimediamessages.styles%7Cjquery.makeCollapsible.styles%7Cskins.vector.icons%2Cstyles%7Cskins.vector.search.codex.styles%7Cwikibase.client.init&only=styles&skin=vector-2022"> <script async="" src="/w/load.php?lang=en&modules=startup&only=scripts&raw=1&skin=vector-2022"></script> <meta name="ResourceLoaderDynamicStyles" content=""> <link rel="stylesheet" href="/w/load.php?lang=en&modules=site.styles&only=styles&skin=vector-2022"> <meta name="generator" content="MediaWiki 1.44.0-wmf.4"> <meta name="referrer" content="origin"> <meta name="referrer" content="origin-when-cross-origin"> <meta name="robots" content="max-image-preview:standard"> <meta name="format-detection" content="telephone=no"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/8/8f/Foreclosedhome.JPG"> <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="900"> <meta property="og:image" content="https://upload.wikimedia.org/wikipedia/commons/8/8f/Foreclosedhome.JPG"> <meta property="og:image:width" content="800"> <meta property="og:image:height" content="600"> <meta property="og:image:width" content="640"> <meta property="og:image:height" content="480"> <meta name="viewport" content="width=1120"> <meta property="og:title" content="Foreclosure - Wikipedia"> <meta property="og:type" content="website"> <link rel="preconnect" href="//upload.wikimedia.org"> <link rel="alternate" media="only screen and (max-width: 640px)" href="//en.m.wikipedia.org/wiki/Foreclosure"> <link rel="alternate" type="application/x-wiki" title="Edit this page" href="/w/index.php?title=Foreclosure&action=edit"> <link rel="apple-touch-icon" href="/static/apple-touch/wikipedia.png"> <link rel="icon" href="/static/favicon/wikipedia.ico"> <link rel="search" type="application/opensearchdescription+xml" href="/w/rest.php/v1/search" title="Wikipedia (en)"> <link rel="EditURI" type="application/rsd+xml" href="//en.wikipedia.org/w/api.php?action=rsd"> <link rel="canonical" href="https://en.wikipedia.org/wiki/Foreclosure"> <link rel="license" href="https://creativecommons.org/licenses/by-sa/4.0/deed.en"> <link rel="alternate" type="application/atom+xml" title="Wikipedia Atom feed" href="/w/index.php?title=Special:RecentChanges&feed=atom"> <link rel="dns-prefetch" href="//meta.wikimedia.org" /> <link rel="dns-prefetch" href="//login.wikimedia.org"> </head> <body class="skin--responsive skin-vector skin-vector-search-vue mediawiki ltr sitedir-ltr mw-hide-empty-elt ns-0 ns-subject mw-editable page-Foreclosure rootpage-Foreclosure skin-vector-2022 action-view"><a class="mw-jump-link" href="#bodyContent">Jump to content</a> <div class="vector-header-container"> <header class="vector-header mw-header"> <div class="vector-header-start"> <nav class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-dropdown" class="vector-dropdown vector-main-menu-dropdown vector-button-flush-left vector-button-flush-right" > <input type="checkbox" id="vector-main-menu-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-main-menu-dropdown" class="vector-dropdown-checkbox " aria-label="Main menu" > <label id="vector-main-menu-dropdown-label" for="vector-main-menu-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-menu mw-ui-icon-wikimedia-menu"></span> <span class="vector-dropdown-label-text">Main menu</span> </label> <div class="vector-dropdown-content"> <div id="vector-main-menu-unpinned-container" class="vector-unpinned-container"> <div id="vector-main-menu" class="vector-main-menu vector-pinnable-element"> <div class="vector-pinnable-header vector-main-menu-pinnable-header vector-pinnable-header-unpinned" data-feature-name="main-menu-pinned" data-pinnable-element-id="vector-main-menu" data-pinned-container-id="vector-main-menu-pinned-container" data-unpinned-container-id="vector-main-menu-unpinned-container" > <div class="vector-pinnable-header-label">Main menu</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-main-menu.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-main-menu.unpin">hide</button> </div> <div id="p-navigation" class="vector-menu mw-portlet mw-portlet-navigation" > <div class="vector-menu-heading"> Navigation </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-mainpage-description" class="mw-list-item"><a href="/wiki/Main_Page" title="Visit the main page [z]" accesskey="z"><span>Main page</span></a></li><li id="n-contents" class="mw-list-item"><a href="/wiki/Wikipedia:Contents" title="Guides to browsing Wikipedia"><span>Contents</span></a></li><li id="n-currentevents" class="mw-list-item"><a href="/wiki/Portal:Current_events" title="Articles related to current events"><span>Current events</span></a></li><li id="n-randompage" class="mw-list-item"><a href="/wiki/Special:Random" title="Visit a randomly selected article [x]" accesskey="x"><span>Random article</span></a></li><li id="n-aboutsite" class="mw-list-item"><a href="/wiki/Wikipedia:About" title="Learn about Wikipedia and how it works"><span>About Wikipedia</span></a></li><li id="n-contactpage" class="mw-list-item"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us" title="How to contact Wikipedia"><span>Contact us</span></a></li> </ul> </div> </div> <div id="p-interaction" class="vector-menu mw-portlet mw-portlet-interaction" > <div class="vector-menu-heading"> Contribute </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="n-help" class="mw-list-item"><a href="/wiki/Help:Contents" title="Guidance on how to use and edit Wikipedia"><span>Help</span></a></li><li id="n-introduction" class="mw-list-item"><a href="/wiki/Help:Introduction" title="Learn how to edit Wikipedia"><span>Learn to edit</span></a></li><li id="n-portal" class="mw-list-item"><a href="/wiki/Wikipedia:Community_portal" title="The hub for editors"><span>Community portal</span></a></li><li id="n-recentchanges" class="mw-list-item"><a href="/wiki/Special:RecentChanges" title="A list of recent changes to Wikipedia [r]" accesskey="r"><span>Recent changes</span></a></li><li id="n-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_upload_wizard" title="Add images or other media for use on Wikipedia"><span>Upload file</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> <a href="/wiki/Main_Page" class="mw-logo"> <img class="mw-logo-icon" src="/static/images/icons/wikipedia.png" alt="" aria-hidden="true" height="50" width="50"> <span class="mw-logo-container skin-invert"> <img class="mw-logo-wordmark" alt="Wikipedia" src="/static/images/mobile/copyright/wikipedia-wordmark-en.svg" style="width: 7.5em; height: 1.125em;"> <img class="mw-logo-tagline" alt="The Free Encyclopedia" src="/static/images/mobile/copyright/wikipedia-tagline-en.svg" width="117" height="13" style="width: 7.3125em; height: 0.8125em;"> </span> </a> </div> <div class="vector-header-end"> <div id="p-search" role="search" class="vector-search-box-vue vector-search-box-collapses vector-search-box-show-thumbnail vector-search-box-auto-expand-width vector-search-box"> <a href="/wiki/Special:Search" class="cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only search-toggle" title="Search Wikipedia [f]" accesskey="f"><span class="vector-icon mw-ui-icon-search mw-ui-icon-wikimedia-search"></span> <span>Search</span> </a> <div class="vector-typeahead-search-container"> <div class="cdx-typeahead-search cdx-typeahead-search--show-thumbnail cdx-typeahead-search--auto-expand-width"> <form action="/w/index.php" id="searchform" class="cdx-search-input cdx-search-input--has-end-button"> <div id="simpleSearch" class="cdx-search-input__input-wrapper" data-search-loc="header-moved"> <div class="cdx-text-input cdx-text-input--has-start-icon"> <input class="cdx-text-input__input" type="search" name="search" placeholder="Search Wikipedia" aria-label="Search Wikipedia" autocapitalize="sentences" title="Search Wikipedia [f]" accesskey="f" id="searchInput" > <span class="cdx-text-input__icon cdx-text-input__start-icon"></span> </div> <input type="hidden" name="title" value="Special:Search"> </div> <button class="cdx-button cdx-search-input__end-button">Search</button> </form> </div> </div> </div> <nav class="vector-user-links vector-user-links-wide" aria-label="Personal tools"> <div class="vector-user-links-main"> <div id="p-vector-user-menu-preferences" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-userpage" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-dropdown" class="vector-dropdown " title="Change the appearance of the page's font size, width, and color" > <input type="checkbox" id="vector-appearance-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-appearance-dropdown" class="vector-dropdown-checkbox " aria-label="Appearance" > <label id="vector-appearance-dropdown-label" for="vector-appearance-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-appearance mw-ui-icon-wikimedia-appearance"></span> <span class="vector-dropdown-label-text">Appearance</span> </label> <div class="vector-dropdown-content"> <div id="vector-appearance-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <div id="p-vector-user-menu-notifications" class="vector-menu mw-portlet emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> <div id="p-vector-user-menu-overflow" class="vector-menu mw-portlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en" class=""><span>Donate</span></a> </li> <li id="pt-createaccount-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:CreateAccount&returnto=Foreclosure" title="You are encouraged to create an account and log in; however, it is not mandatory" class=""><span>Create account</span></a> </li> <li id="pt-login-2" class="user-links-collapsible-item mw-list-item user-links-collapsible-item"><a data-mw="interface" href="/w/index.php?title=Special:UserLogin&returnto=Foreclosure" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o" class=""><span>Log in</span></a> </li> </ul> </div> </div> </div> <div id="vector-user-links-dropdown" class="vector-dropdown vector-user-menu vector-button-flush-right vector-user-menu-logged-out" title="Log in and more options" > <input type="checkbox" id="vector-user-links-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-user-links-dropdown" class="vector-dropdown-checkbox " aria-label="Personal tools" > <label id="vector-user-links-dropdown-label" for="vector-user-links-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-ellipsis mw-ui-icon-wikimedia-ellipsis"></span> <span class="vector-dropdown-label-text">Personal tools</span> </label> <div class="vector-dropdown-content"> <div id="p-personal" class="vector-menu mw-portlet mw-portlet-personal user-links-collapsible-item" title="User menu" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-sitesupport" class="user-links-collapsible-item mw-list-item"><a href="https://donate.wikimedia.org/wiki/Special:FundraiserRedirector?utm_source=donate&utm_medium=sidebar&utm_campaign=C13_en.wikipedia.org&uselang=en"><span>Donate</span></a></li><li id="pt-createaccount" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:CreateAccount&returnto=Foreclosure" title="You are encouraged to create an account and log in; however, it is not mandatory"><span class="vector-icon mw-ui-icon-userAdd mw-ui-icon-wikimedia-userAdd"></span> <span>Create account</span></a></li><li id="pt-login" class="user-links-collapsible-item mw-list-item"><a href="/w/index.php?title=Special:UserLogin&returnto=Foreclosure" title="You're encouraged to log in; however, it's not mandatory. [o]" accesskey="o"><span class="vector-icon mw-ui-icon-logIn mw-ui-icon-wikimedia-logIn"></span> <span>Log in</span></a></li> </ul> </div> </div> <div id="p-user-menu-anon-editor" class="vector-menu mw-portlet mw-portlet-user-menu-anon-editor" > <div class="vector-menu-heading"> Pages for logged out editors <a href="/wiki/Help:Introduction" aria-label="Learn more about editing"><span>learn more</span></a> </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="pt-anoncontribs" class="mw-list-item"><a href="/wiki/Special:MyContributions" title="A list of edits made from this IP address [y]" accesskey="y"><span>Contributions</span></a></li><li id="pt-anontalk" class="mw-list-item"><a href="/wiki/Special:MyTalk" title="Discussion about edits from this IP address [n]" accesskey="n"><span>Talk</span></a></li> </ul> </div> </div> </div> </div> </nav> </div> </header> </div> <div class="mw-page-container"> <div class="mw-page-container-inner"> <div class="vector-sitenotice-container"> <div id="siteNotice"></div> </div> <div class="vector-column-start"> <div class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Types" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Types"> <div class="vector-toc-text"> <span class="vector-toc-numb">1</span> <span>Types</span> </div> </a> <button aria-controls="toc-Types-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Types subsection</span> </button> <ul id="toc-Types-sublist" class="vector-toc-list"> <li id="toc-Judicial" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Judicial"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Judicial</span> </div> </a> <ul id="toc-Judicial-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Nonjudicial" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Nonjudicial"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Nonjudicial</span> </div> </a> <ul id="toc-Nonjudicial-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Strict" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Strict"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Strict</span> </div> </a> <ul id="toc-Strict-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Acceleration" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Acceleration"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Acceleration</span> </div> </a> <ul id="toc-Acceleration-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Process" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Process"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Process</span> </div> </a> <button aria-controls="toc-Process-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Process subsection</span> </button> <ul id="toc-Process-sublist" class="vector-toc-list"> <li id="toc-Strict_and_judicial" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Strict_and_judicial"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Strict and judicial</span> </div> </a> <ul id="toc-Strict_and_judicial-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Nonjudicial_2" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Nonjudicial_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Nonjudicial</span> </div> </a> <ul id="toc-Nonjudicial_2-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Defenses" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Defenses"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Defenses</span> </div> </a> <ul id="toc-Defenses-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Equitable_foreclosure" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Equitable_foreclosure"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Equitable foreclosure</span> </div> </a> <ul id="toc-Equitable_foreclosure-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Title_search_and_tax_lien_issues" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Title_search_and_tax_lien_issues"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.5</span> <span>Title search and tax lien issues</span> </div> </a> <ul id="toc-Title_search_and_tax_lien_issues-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Contesting_a_foreclosure" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Contesting_a_foreclosure"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Contesting a foreclosure</span> </div> </a> <ul id="toc-Contesting_a_foreclosure-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Foreclosure_auction" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Foreclosure_auction"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Foreclosure auction</span> </div> </a> <ul id="toc-Foreclosure_auction-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_borrower's_obligations" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_borrower's_obligations"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Further borrower's obligations</span> </div> </a> <ul id="toc-Further_borrower's_obligations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Renegotiation_alternative" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Renegotiation_alternative"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Renegotiation alternative</span> </div> </a> <ul id="toc-Renegotiation_alternative-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Experiences_of_households_post-foreclosure" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Experiences_of_households_post-foreclosure"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Experiences of households post-foreclosure</span> </div> </a> <ul id="toc-Experiences_of_households_post-foreclosure-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Affected_demographics" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Affected_demographics"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Affected demographics</span> </div> </a> <ul id="toc-Affected_demographics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Recent_trends" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Recent_trends"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Recent trends</span> </div> </a> <ul id="toc-Recent_trends-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Impact_of_foreclosure" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Impact_of_foreclosure"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Impact of foreclosure</span> </div> </a> <ul id="toc-Impact_of_foreclosure-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-By_country" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#By_country"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>By country</span> </div> </a> <button aria-controls="toc-By_country-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle By country subsection</span> </button> <ul id="toc-By_country-sublist" class="vector-toc-list"> <li id="toc-Australia_and_New_Zealand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Australia_and_New_Zealand"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.1</span> <span>Australia and New Zealand</span> </div> </a> <ul id="toc-Australia_and_New_Zealand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ireland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ireland"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.2</span> <span>Ireland</span> </div> </a> <ul id="toc-Ireland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-People's_Republic_of_China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#People's_Republic_of_China"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.3</span> <span>People's Republic of China</span> </div> </a> <ul id="toc-People's_Republic_of_China-sublist" class="vector-toc-list"> <li id="toc-Mortgages_and_foreclosure" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Mortgages_and_foreclosure"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.3.1</span> <span>Mortgages and foreclosure</span> </div> </a> <ul id="toc-Mortgages_and_foreclosure-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Philippines" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Philippines"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.4</span> <span>Philippines</span> </div> </a> <ul id="toc-Philippines-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Spain" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Spain"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.5</span> <span>Spain</span> </div> </a> <ul id="toc-Spain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Africa" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Africa"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.6</span> <span>South Africa</span> </div> </a> <ul id="toc-South_Africa-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Switzerland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Switzerland"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.7</span> <span>Switzerland</span> </div> </a> <ul id="toc-Switzerland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.8</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Canada_(Alberta)" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Canada_(Alberta)"> <div class="vector-toc-text"> <span class="vector-toc-numb">12.9</span> <span>Canada (Alberta)</span> </div> </a> <ul id="toc-Canada_(Alberta)-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">14</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">15</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">16</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Foreclosure</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 19 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-19" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">19 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AD%D8%A8%D8%B3_%D8%A7%D9%84%D8%B1%D9%87%D9%86" title="حبس الرهن – Arabic" lang="ar" hreflang="ar" data-title="حبس الرهن" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Execuci%C3%B3_d%27hipoteca" title="Execució d'hipoteca – Catalan" lang="ca" hreflang="ca" data-title="Execució d'hipoteca" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Tvangsauktion" title="Tvangsauktion – Danish" lang="da" hreflang="da" data-title="Tvangsauktion" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Ejecuci%C3%B3n_de_hipoteca" title="Ejecución de hipoteca – Spanish" lang="es" hreflang="es" data-title="Ejecución de hipoteca" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D8%AC%D8%B1%D8%A7%D8%A6%DB%8C%D9%87_%D8%B3%D9%86%D8%AF_%D8%B1%D9%87%D9%86%DB%8C" title="اجرائیه سند رهنی – Persian" lang="fa" hreflang="fa" data-title="اجرائیه سند رهنی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Saisie_immobili%C3%A8re_(France)" title="Saisie immobilière (France) – French" lang="fr" hreflang="fr" data-title="Saisie immobilière (France)" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D4%BF%D5%A1%D5%BF%D5%A1%D6%80%D5%B8%D5%B2%D5%A1%D5%AF%D5%A1%D5%B6_%D5%BE%D5%A1%D6%80%D5%B8%D6%82%D5%B5%D5%A9" title="Կատարողական վարույթ – Armenian" lang="hy" hreflang="hy" data-title="Կատարողական վարույթ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Penyitaan" title="Penyitaan – Indonesian" lang="id" hreflang="id" data-title="Penyitaan" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Processo_di_esecuzione" title="Processo di esecuzione – Italian" lang="it" hreflang="it" data-title="Processo di esecuzione" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A2%D7%99%D7%A7%D7%95%D7%9C" title="עיקול – Hebrew" lang="he" hreflang="he" data-title="עיקול" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Vykdymo_proceso_teis%C4%97" title="Vykdymo proceso teisė – Lithuanian" lang="lt" hreflang="lt" data-title="Vykdymo proceso teisė" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Gedwongen_onderhandse_verkoop" title="Gedwongen onderhandse verkoop – Dutch" lang="nl" hreflang="nl" data-title="Gedwongen onderhandse verkoop" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Tvangssalg" title="Tvangssalg – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Tvangssalg" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Exekutiv_auktion" title="Exekutiv auktion – Swedish" lang="sv" hreflang="sv" data-title="Exekutiv auktion" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/%C4%B0cra_hukuku" title="İcra hukuku – Turkish" lang="tr" hreflang="tr" data-title="İcra hukuku" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9F%D0%BE%D0%B7%D0%B1%D0%B0%D0%B2%D0%BB%D0%B5%D0%BD%D0%BD%D1%8F_%D0%BF%D1%80%D0%B0%D0%B2%D0%B0_%D0%B2%D0%B8%D0%BA%D1%83%D0%BF%D1%83_%D0%B7%D0%B0%D1%81%D1%82%D0%B0%D0%B2%D0%BD%D0%BE%D1%97" title="Позбавлення права викупу заставної – Ukrainian" lang="uk" hreflang="uk" data-title="Позбавлення права викупу заставної" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E9%8A%80%E4%B8%BB%E7%9B%A4" title="銀主盤 – Cantonese" lang="yue" hreflang="yue" data-title="銀主盤" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E4%B8%A7%E5%A4%B1%E6%8A%B5%E6%8A%BC%E5%93%81%E8%B5%8E%E5%9B%9E%E6%9D%83" title="丧失抵押品赎回权 – Chinese" lang="zh" hreflang="zh" data-title="丧失抵押品赎回权" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li><li class="interlanguage-link interwiki-bew mw-list-item"><a href="https://bew.wikipedia.org/wiki/Beslah" title="Beslah – Betawi" lang="bew" hreflang="bew" data-title="Beslah" data-language-autonym="Betawi" data-language-local-name="Betawi" class="interlanguage-link-target"><span>Betawi</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q231710#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Foreclosure" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon mw-list-item"><a href="/wiki/Talk:Foreclosure" rel="discussion" title="Discuss improvements to the content page [t]" accesskey="t"><span>Talk</span></a></li> </ul> </div> </div> <div id="vector-variants-dropdown" class="vector-dropdown emptyPortlet" > <input type="checkbox" id="vector-variants-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-variants-dropdown" class="vector-dropdown-checkbox " aria-label="Change language variant" > <label id="vector-variants-dropdown-label" for="vector-variants-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">English</span> </label> <div class="vector-dropdown-content"> <div id="p-variants" class="vector-menu mw-portlet mw-portlet-variants emptyPortlet" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> </ul> </div> </div> </div> </div> </nav> </div> <div id="right-navigation" class="vector-collapsible"> <nav aria-label="Views"> <div id="p-views" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-views" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-view" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Foreclosure"><span>Read</span></a></li><li id="ca-edit" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Foreclosure&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-history" class="vector-tab-noicon mw-list-item"><a href="/w/index.php?title=Foreclosure&action=history" title="Past revisions of this page [h]" accesskey="h"><span>View history</span></a></li> </ul> </div> </div> </nav> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-dropdown" class="vector-dropdown vector-page-tools-dropdown" > <input type="checkbox" id="vector-page-tools-dropdown-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-tools-dropdown" class="vector-dropdown-checkbox " aria-label="Tools" > <label id="vector-page-tools-dropdown-label" for="vector-page-tools-dropdown-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet" aria-hidden="true" ><span class="vector-dropdown-label-text">Tools</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-tools-unpinned-container" class="vector-unpinned-container"> <div id="vector-page-tools" class="vector-page-tools vector-pinnable-element"> <div class="vector-pinnable-header vector-page-tools-pinnable-header vector-pinnable-header-unpinned" data-feature-name="page-tools-pinned" data-pinnable-element-id="vector-page-tools" data-pinned-container-id="vector-page-tools-pinned-container" data-unpinned-container-id="vector-page-tools-unpinned-container" > <div class="vector-pinnable-header-label">Tools</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-page-tools.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-page-tools.unpin">hide</button> </div> <div id="p-cactions" class="vector-menu mw-portlet mw-portlet-cactions emptyPortlet vector-has-collapsible-items" title="More options" > <div class="vector-menu-heading"> Actions </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-more-view" class="selected vector-more-collapsible-item mw-list-item"><a href="/wiki/Foreclosure"><span>Read</span></a></li><li id="ca-more-edit" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Foreclosure&action=edit" title="Edit this page [e]" accesskey="e"><span>Edit</span></a></li><li id="ca-more-history" class="vector-more-collapsible-item mw-list-item"><a href="/w/index.php?title=Foreclosure&action=history"><span>View history</span></a></li> </ul> </div> </div> <div id="p-tb" class="vector-menu mw-portlet mw-portlet-tb" > <div class="vector-menu-heading"> General </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="t-whatlinkshere" class="mw-list-item"><a href="/wiki/Special:WhatLinksHere/Foreclosure" title="List of all English Wikipedia pages containing links to this page [j]" accesskey="j"><span>What links here</span></a></li><li id="t-recentchangeslinked" class="mw-list-item"><a href="/wiki/Special:RecentChangesLinked/Foreclosure" rel="nofollow" title="Recent changes in pages linked from this page [k]" accesskey="k"><span>Related changes</span></a></li><li id="t-upload" class="mw-list-item"><a href="/wiki/Wikipedia:File_Upload_Wizard" title="Upload files [u]" accesskey="u"><span>Upload file</span></a></li><li id="t-specialpages" class="mw-list-item"><a href="/wiki/Special:SpecialPages" title="A list of all special pages [q]" accesskey="q"><span>Special pages</span></a></li><li id="t-permalink" class="mw-list-item"><a href="/w/index.php?title=Foreclosure&oldid=1256343096" title="Permanent link to this revision of this page"><span>Permanent link</span></a></li><li id="t-info" class="mw-list-item"><a href="/w/index.php?title=Foreclosure&action=info" title="More information about this page"><span>Page information</span></a></li><li id="t-cite" class="mw-list-item"><a href="/w/index.php?title=Special:CiteThisPage&page=Foreclosure&id=1256343096&wpFormIdentifier=titleform" title="Information on how to cite this page"><span>Cite this page</span></a></li><li id="t-urlshortener" class="mw-list-item"><a href="/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FForeclosure"><span>Get shortened URL</span></a></li><li id="t-urlshortener-qrcode" class="mw-list-item"><a href="/w/index.php?title=Special:QrCode&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FForeclosure"><span>Download QR code</span></a></li> </ul> </div> </div> <div id="p-coll-print_export" class="vector-menu mw-portlet mw-portlet-coll-print_export" > <div class="vector-menu-heading"> Print/export </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="coll-download-as-rl" class="mw-list-item"><a href="/w/index.php?title=Special:DownloadAsPdf&page=Foreclosure&action=show-download-screen" title="Download this page as a PDF file"><span>Download as PDF</span></a></li><li id="t-print" class="mw-list-item"><a href="/w/index.php?title=Foreclosure&printable=yes" title="Printable version of this page [p]" accesskey="p"><span>Printable version</span></a></li> </ul> </div> </div> <div id="p-wikibase-otherprojects" class="vector-menu mw-portlet mw-portlet-wikibase-otherprojects" > <div class="vector-menu-heading"> In other projects </div> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="wb-otherproject-link wb-otherproject-commons mw-list-item"><a href="https://commons.wikimedia.org/wiki/Category:Foreclosure" hreflang="en"><span>Wikimedia Commons</span></a></li><li id="t-wikibase" class="wb-otherproject-link wb-otherproject-wikibase-dataitem mw-list-item"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q231710" title="Structured data on this page hosted by Wikidata [g]" accesskey="g"><span>Wikidata item</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </nav> </div> </div> </div> <div class="vector-column-end"> <div class="vector-sticky-pinned-container"> <nav class="vector-page-tools-landmark" aria-label="Page tools"> <div id="vector-page-tools-pinned-container" class="vector-pinned-container"> </div> </nav> <nav class="vector-appearance-landmark" aria-label="Appearance"> <div id="vector-appearance-pinned-container" class="vector-pinned-container"> <div id="vector-appearance" class="vector-appearance vector-pinnable-element"> <div class="vector-pinnable-header vector-appearance-pinnable-header vector-pinnable-header-pinned" data-feature-name="appearance-pinned" data-pinnable-element-id="vector-appearance" data-pinned-container-id="vector-appearance-pinned-container" data-unpinned-container-id="vector-appearance-unpinned-container" > <div class="vector-pinnable-header-label">Appearance</div> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-appearance.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-appearance.unpin">hide</button> </div> </div> </div> </nav> </div> </div> <div id="bodyContent" class="vector-body" aria-labelledby="firstHeading" data-mw-ve-target-container> <div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Legal process where a lender recoups an unpaid loan by forcing the borrower to sell the collateral</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">For the concept in psychoanalysis, see <a href="/wiki/Foreclosure_(psychoanalysis)" title="Foreclosure (psychoanalysis)">Foreclosure (psychoanalysis)</a>.</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Globalize plainlinks metadata ambox ambox-content ambox-globalize" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="Globe icon." src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/48px-Ambox_globe_content.svg.png" decoding="async" width="48" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/73px-Ambox_globe_content.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Ambox_globe_content.svg/97px-Ambox_globe_content.svg.png 2x" data-file-width="350" data-file-height="290" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">The examples and perspective in this <b>deal primarily with the United States and do not represent a <a href="/wiki/Wikipedia:WikiProject_Countering_systemic_bias" title="Wikipedia:WikiProject Countering systemic bias">worldwide view</a> of the subject</b>.<span class="hide-when-compact"> You may <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Foreclosure&action=edit">improve this </a>, discuss the issue on the <a href="/wiki/Talk:Foreclosure" title="Talk:Foreclosure">talk page</a>, or create a new, as appropriate.</span> <span class="date-container"><i>(<span class="date">April 2019</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Foreclosedhome.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Foreclosedhome.JPG/220px-Foreclosedhome.JPG" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Foreclosedhome.JPG/330px-Foreclosedhome.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Foreclosedhome.JPG/440px-Foreclosedhome.JPG 2x" data-file-width="640" data-file-height="480" /></a><figcaption>House in <a href="/wiki/Salinas,_California" title="Salinas, California">Salinas, California</a>, under foreclosure, following the bursting of the <a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">U.S.</a> <a href="/wiki/Real_estate_bubble" class="mw-redirect" title="Real estate bubble">real estate bubble</a></figcaption></figure> <style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol ol,.mw-parser-output .hlist ol ul,.mw-parser-output .hlist ul dl,.mw-parser-output .hlist ul ol,.mw-parser-output .hlist ul ul{display:inline}.mw-parser-output .hlist .mw-empty-li{display:none}.mw-parser-output .hlist dt::after{content:": "}.mw-parser-output .hlist dd::after,.mw-parser-output .hlist li::after{content:" · ";font-weight:bold}.mw-parser-output .hlist dd:last-child::after,.mw-parser-output .hlist dt:last-child::after,.mw-parser-output .hlist li:last-child::after{content:none}.mw-parser-output .hlist dd dd:first-child::before,.mw-parser-output .hlist dd dt:first-child::before,.mw-parser-output .hlist dd li:first-child::before,.mw-parser-output .hlist dt dd:first-child::before,.mw-parser-output .hlist dt dt:first-child::before,.mw-parser-output .hlist dt li:first-child::before,.mw-parser-output .hlist li dd:first-child::before,.mw-parser-output .hlist li dt:first-child::before,.mw-parser-output .hlist li li:first-child::before{content:" (";font-weight:normal}.mw-parser-output .hlist dd dd:last-child::after,.mw-parser-output .hlist dd dt:last-child::after,.mw-parser-output .hlist dd li:last-child::after,.mw-parser-output .hlist dt dd:last-child::after,.mw-parser-output .hlist dt dt:last-child::after,.mw-parser-output .hlist dt li:last-child::after,.mw-parser-output .hlist li dd:last-child::after,.mw-parser-output .hlist li dt:last-child::after,.mw-parser-output .hlist li li:last-child::after{content:")";font-weight:normal}.mw-parser-output .hlist ol{counter-reset:listitem}.mw-parser-output .hlist ol>li{counter-increment:listitem}.mw-parser-output .hlist ol>li::before{content:" "counter(listitem)"\a0 "}.mw-parser-output .hlist dd ol>li:first-child::before,.mw-parser-output .hlist dt ol>li:first-child::before,.mw-parser-output .hlist li ol>li:first-child::before{content:" ("counter(listitem)"\a0 "}</style><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><style data-mw-deduplicate="TemplateStyles:r1246091330">.mw-parser-output .sidebar{width:22em;float:right;clear:right;margin:0.5em 0 1em 1em;background:var(--background-color-neutral-subtle,#f8f9fa);border:1px solid var(--border-color-base,#a2a9b1);padding:0.2em;text-align:center;line-height:1.4em;font-size:88%;border-collapse:collapse;display:table}body.skin-minerva .mw-parser-output .sidebar{display:table!important;float:right!important;margin:0.5em 0 1em 1em!important}.mw-parser-output .sidebar-subgroup{width:100%;margin:0;border-spacing:0}.mw-parser-output .sidebar-left{float:left;clear:left;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-none{float:none;clear:both;margin:0.5em 1em 1em 0}.mw-parser-output .sidebar-outer-title{padding:0 0.4em 0.2em;font-size:125%;line-height:1.2em;font-weight:bold}.mw-parser-output .sidebar-top-image{padding:0.4em}.mw-parser-output .sidebar-top-caption,.mw-parser-output .sidebar-pretitle-with-top-image,.mw-parser-output .sidebar-caption{padding:0.2em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-pretitle{padding:0.4em 0.4em 0;line-height:1.2em}.mw-parser-output .sidebar-title,.mw-parser-output .sidebar-title-with-pretitle{padding:0.2em 0.8em;font-size:145%;line-height:1.2em}.mw-parser-output .sidebar-title-with-pretitle{padding:0.1em 0.4em}.mw-parser-output .sidebar-image{padding:0.2em 0.4em 0.4em}.mw-parser-output .sidebar-heading{padding:0.1em 0.4em}.mw-parser-output .sidebar-content{padding:0 0.5em 0.4em}.mw-parser-output .sidebar-content-with-subgroup{padding:0.1em 0.4em 0.2em}.mw-parser-output .sidebar-above,.mw-parser-output .sidebar-below{padding:0.3em 0.8em;font-weight:bold}.mw-parser-output .sidebar-collapse .sidebar-above,.mw-parser-output .sidebar-collapse .sidebar-below{border-top:1px solid #aaa;border-bottom:1px solid #aaa}.mw-parser-output .sidebar-navbar{text-align:right;font-size:115%;padding:0 0.4em 0.4em}.mw-parser-output .sidebar-list-title{padding:0 0.4em;text-align:left;font-weight:bold;line-height:1.6em;font-size:105%}.mw-parser-output .sidebar-list-title-c{padding:0 0.4em;text-align:center;margin:0 3.3em}@media(max-width:640px){body.mediawiki .mw-parser-output .sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar nomobile nowraplinks plainlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Auctions" title="Category:Auctions">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="font-size:200%;font-weight:normal;"><a href="/wiki/Auction" title="Auction">Auctions</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Microcosm_of_London_Plate_006_-_Auction_Room,_Christie%27s_(colour).jpg" class="mw-file-description"><img alt="Auction Room, Christie's, circa 1808." src="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Microcosm_of_London_Plate_006_-_Auction_Room%2C_Christie%27s_%28colour%29.jpg/150px-Microcosm_of_London_Plate_006_-_Auction_Room%2C_Christie%27s_%28colour%29.jpg" decoding="async" width="150" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Microcosm_of_London_Plate_006_-_Auction_Room%2C_Christie%27s_%28colour%29.jpg/225px-Microcosm_of_London_Plate_006_-_Auction_Room%2C_Christie%27s_%28colour%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Microcosm_of_London_Plate_006_-_Auction_Room%2C_Christie%27s_%28colour%29.jpg/300px-Microcosm_of_London_Plate_006_-_Auction_Room%2C_Christie%27s_%28colour%29.jpg 2x" data-file-width="1776" data-file-height="1334" /></a></span></td></tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Auction#Types" title="Auction">Types</a></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/All-pay_auction" title="All-pay auction">All-pay</a> <ul><li><a href="/wiki/Chinese_auction" title="Chinese auction">Chinese</a></li> <li><a href="/wiki/Bidding_fee_auction" title="Bidding fee auction">Bidding fee</a></li> <li><a href="/wiki/Dollar_auction" title="Dollar auction">Dollar</a></li></ul></li> <li><a href="/wiki/Amsterdam_auction" class="mw-redirect" title="Amsterdam auction">Amsterdam</a></li> <li><a href="/wiki/Anglo-Dutch_auction" class="mw-redirect" title="Anglo-Dutch auction">Anglo-Dutch</a></li> <li><a href="/wiki/Auction#Participants" title="Auction">Barter double</a></li> <li><a href="/wiki/Best/not_best_auction" class="mw-redirect" title="Best/not best auction">Best/not best</a></li> <li><a href="/wiki/Brazilian_auction" title="Brazilian auction">Brazilian</a></li> <li><a href="/wiki/Calcutta_auction" title="Calcutta auction">Calcutta</a></li> <li><a href="/wiki/Candle_auction" title="Candle auction">Candle</a></li> <li><a href="/wiki/Tacit_collusion#Tacit_collusion_in_auctions" title="Tacit collusion">Click-box bidding</a></li> <li><a href="/wiki/Combinatorial_auction" title="Combinatorial auction">Combinatorial</a></li> <li><a href="/wiki/Common_value_auction" title="Common value auction">Common value</a></li> <li><a href="/wiki/Deferred-acceptance_auction" title="Deferred-acceptance auction">Deferred-acceptance</a></li> <li><a href="/wiki/Discriminatory_price_auction" class="mw-redirect" title="Discriminatory price auction">Discriminatory price</a></li> <li><a href="/wiki/Double_auction" title="Double auction">Double</a></li> <li><a href="/wiki/Dutch_auction" title="Dutch auction">Dutch</a></li> <li><a href="/wiki/English_auction" title="English auction">English</a></li> <li><a href="/wiki/Forward_auction" title="Forward auction">Forward</a></li> <li><a href="/wiki/French_auction" title="French auction">French</a></li> <li><a href="/wiki/Generalized_first-price_auction" title="Generalized first-price auction">Generalized first-price</a></li> <li><a href="/wiki/Generalized_second-price_auction" title="Generalized second-price auction">Generalized second-price</a></li> <li><a href="/wiki/Japanese_auction" title="Japanese auction">Japanese</a></li> <li><a href="/wiki/Knapsack_auction" title="Knapsack auction">Knapsack</a></li> <li><a href="/wiki/Multi-attribute_auction" title="Multi-attribute auction">Multi-attribute</a></li> <li><a href="/wiki/Multiunit_auction" title="Multiunit auction">Multiunit</a></li> <li><a href="/wiki/No-reserve_auction" title="No-reserve auction">No-reserve</a></li> <li><a href="/wiki/Rank_auction" class="mw-redirect" title="Rank auction">Rank</a></li> <li><a href="/wiki/Reverse_auction" title="Reverse auction">Reverse</a></li> <li><a href="/wiki/Scottish_auction" class="mw-redirect" title="Scottish auction">Scottish</a></li> <li><a href="/wiki/First-price_sealed-bid_auction" title="First-price sealed-bid auction">Sealed first-price</a></li> <li><a href="/wiki/Simultaneous_ascending_auction" class="mw-redirect" title="Simultaneous ascending auction">Simultaneous ascending</a></li> <li><a href="/wiki/Single-price_auction" title="Single-price auction">Single-price</a></li> <li><a href="/wiki/Traffic-light_auction" class="mw-redirect" title="Traffic-light auction">Traffic light</a></li> <li><a href="/wiki/Uniform_price_auction" class="mw-redirect" title="Uniform price auction">Uniform price</a></li> <li><a href="/wiki/Unique_bid_auction" title="Unique bid auction">Unique bid</a></li> <li><a href="/wiki/Present_value_of_revenues_auction" title="Present value of revenues auction">Value of revenues</a></li> <li><a href="/wiki/Vickrey_auction" title="Vickrey auction">Vickrey</a></li> <li><a href="/wiki/Vickrey%E2%80%93Clarke%E2%80%93Groves_auction" title="Vickrey–Clarke–Groves auction">Vickrey–Clarke–Groves</a></li> <li><a href="/wiki/Walrasian_auction" title="Walrasian auction">Walrasian</a></li> <li><a href="/wiki/Yankee_auction" class="mw-redirect" title="Yankee auction">Yankee</a></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Bidding" title="Bidding">Bidding</a></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/Bid_shading" title="Bid shading">Shading</a></li> <li><a href="/wiki/Calor_licitantis" title="Calor licitantis">Calor licitantis</a></li> <li><a href="/wiki/Auction_cancellation_hunter" title="Auction cancellation hunter">Cancellation hunt</a></li> <li><a href="/wiki/Jump_bidding" title="Jump bidding">Jump</a></li> <li><a href="/wiki/Bid_rigging" title="Bid rigging">Rigging</a></li> <li><a href="/wiki/Auction_sniping" title="Auction sniping">Sniping</a></li> <li><a href="/wiki/Suicide_bidding" title="Suicide bidding">Suicide</a></li> <li><a href="/wiki/Tacit_collusion" title="Tacit collusion">Tacit collusion</a></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Auction#Contexts" title="Auction">Contexts</a></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/The_Algorithm_Auction" title="The Algorithm Auction">Algorithms</a></li> <li><a href="/wiki/Auto_auction" title="Auto auction">Autos</a></li> <li><a href="/wiki/Art_auction" title="Art auction">Art</a></li> <li><a href="/wiki/Charity_auction" title="Charity auction">Charity</a></li> <li><a href="/wiki/Child_auction" title="Child auction">Children</a></li> <li><a href="/wiki/Player_auction" title="Player auction">Players</a></li> <li><a href="/wiki/Domain_name_auction" title="Domain name auction">Domain names</a></li> <li><a href="/wiki/Aalsmeer_Flower_Auction" title="Aalsmeer Flower Auction">Flowers</a></li> <li><a href="/wiki/Term_auction_facility" title="Term auction facility">Loans</a></li> <li><a href="/wiki/Mock_auction" title="Mock auction">Scam</a></li> <li><a href="/wiki/Scramble_(slave_auction)" title="Scramble (slave auction)">Slaves</a></li> <li><a href="/wiki/Spectrum_auction" title="Spectrum auction">Spectrum</a></li> <li><a href="/wiki/Philatelic_auction" title="Philatelic auction">Stamps</a></li> <li><a href="/wiki/Virginity_auction" title="Virginity auction">Virginity</a></li> <li><a href="/wiki/Wine_auction" title="Wine auction">Wine</a></li> <li><a href="/wiki/Wife_selling" title="Wife selling">Wives</a></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Auction_theory" title="Auction theory">Theory</a></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/Digital_goods_auction" title="Digital goods auction">Digital goods</a></li> <li><a href="/wiki/Price_of_anarchy_in_auctions" title="Price of anarchy in auctions">Price of anarchy</a></li> <li><a href="/wiki/Revenue_equivalence" title="Revenue equivalence">Revenue equivalence</a></li> <li><a href="/wiki/Winner%27s_curse" title="Winner's curse">Winner's curse</a></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#ddddff;"> <a href="/wiki/Online_auction" title="Online auction">Online</a></th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li><a href="/wiki/Ebidding" title="Ebidding">Ebidding</a></li> <li><a href="/wiki/Private_electronic_market" title="Private electronic market">Private electronic market</a></li> <li><a href="/wiki/Auction_software" title="Auction software">Software</a></li></ul> </div></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Auction" title="Template:Auction"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/w/index.php?title=Template_talk:Auction&action=edit&redlink=1" class="new" title="Template talk:Auction (page does not exist)"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Auction" title="Special:EditPage/Template:Auction"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Foreclosure</b> is a legal process in which a <a href="/wiki/Lender" class="mw-redirect" title="Lender">lender</a> attempts to recover the balance of a loan from a borrower who has <a href="/wiki/Default_(finance)" title="Default (finance)">stopped making payments</a> to the lender by forcing the sale of the <a href="/wiki/Asset" title="Asset">asset</a> used as the <a href="/wiki/Collateral_(finance)" title="Collateral (finance)">collateral</a> for the loan.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Formally, a <a href="/wiki/Mortgage_law#Mortgage_lender" title="Mortgage law">mortgage lender (mortgagee)</a>, or other <a href="/wiki/Lienholder" class="mw-redirect" title="Lienholder">lienholder</a>, obtains a termination of a <a href="/wiki/Mortgage_law#Borrower" title="Mortgage law">mortgage borrower (mortgagor)</a>'s <a href="/wiki/Equity_of_redemption" title="Equity of redemption">equitable right of redemption</a>, either by court order or by operation of law (after following a specific statutory procedure).<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>Usually, a lender obtains a <a href="/wiki/Security_interest" title="Security interest">security interest</a> from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower <a href="/wiki/Default_(finance)" title="Default (finance)">defaults</a> and the lender tries to <a href="/wiki/Repossession" title="Repossession">repossess</a> the property, <a href="/wiki/Courts_of_equity" class="mw-redirect" title="Courts of equity">courts of equity</a> can grant the borrower the <a href="/wiki/Equity_of_redemption" title="Equity of redemption">equitable right of redemption</a> if the borrower repays the debt. While this equitable right exists, it is a <a href="/wiki/Cloud_on_title" title="Cloud on title">cloud on title</a> and the lender cannot be sure that they can repossess the property.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Therefore, through the process of foreclosure, the lender seeks to immediately terminate (that is, literally foreclose any future use of) the equitable right of redemption and take both legal and equitable title to the property in <a href="/wiki/Fee_simple" title="Fee simple">fee simple</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> 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 <a href="/wiki/Homeowner_association" title="Homeowner association">homeowner association</a> dues or assessments. </p><p>The foreclosure process as applied to residential mortgage loans is a bank or other <a href="/wiki/Security_interest" title="Security interest">secured</a> creditor selling or repossessing a parcel of <a href="/wiki/Real_property" title="Real property">real property</a> after the owner has failed to comply with an agreement between the lender and borrower called a "<a href="/wiki/Mortgage_law" title="Mortgage law">mortgage</a>" or "<a href="/wiki/Mortgage_law#The_deed_of_trust" title="Mortgage law">deed of trust</a>". Commonly, the violation of the mortgage is a <a href="/wiki/Default_(finance)" title="Default (finance)">default</a> in payment of a <a href="/wiki/Promissory_note" title="Promissory note">promissory note</a>, secured by a <a href="/wiki/Lien" title="Lien">lien</a> on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or <a href="/wiki/Lien" title="Lien">lien</a>". If the promissory note was made with a recourse clause and if the sale does not bring enough to pay the existing balance of principal and fees, then the mortgagee can file a claim for a <a href="/wiki/Deficiency_judgment" title="Deficiency judgment">deficiency judgment</a>. In many states in the United States, items included to calculate the amount of a deficiency judgment include the loan principal, accrued interest and attorney fees less the amount the lender bid at the foreclosure sale.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=1" title="Edit section: Types"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Foreclosure" title="Special:EditPage/Foreclosure">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">November 2013</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The mortgage holder can usually initiate foreclosure at a time specified in the mortgage documents, typically some period of time after a default condition occurs. In the United States, Canada and many other countries, several types of foreclosure exist. In the US for example, two of them—namely, by judicial sale and by <a href="/wiki/Deed_of_trust_(real_estate)#Power_of_sale_and_trustee's_sale" title="Deed of trust (real estate)">power of sale</a>—are widely used, but other modes are possible in a few other U.S. states. </p> <div class="mw-heading mw-heading3"><h3 id="Judicial">Judicial</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=2" title="Edit section: Judicial"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><i>Foreclosure by judicial sale,</i> commonly called <i>judicial foreclosure</i>, involves the sale of the mortgaged property under the supervision of a court. The proceeds go first to satisfy the mortgage, then other lien holders, and finally the mortgagor/borrower if any proceeds are left. Judicial foreclosure is available in every US state and required in many (Florida requires judicial foreclosure). The lender initiates judicial foreclosure by filing a <a href="/wiki/Lawsuit" title="Lawsuit">lawsuit</a> against the borrower. As with all other legal actions, all parties must be notified of the foreclosure, but notification requirements vary significantly from state to state in the US. A judicial decision is announced after the exchange of pleadings at a (usually short) hearing in a state or local court in the US. In some rather rare instances, foreclosures are filed in US federal courts. </p><p>A <a href="/wiki/Judicial_officer" title="Judicial officer">judicial officer</a> supervises the sale and executes the legal papers and deed if any. This may be done by a <a href="/wiki/Superior_court" title="Superior court">superior court</a> judge or a referee specially appointed by a court of judicial privacy. </p> <div class="mw-heading mw-heading3"><h3 id="Nonjudicial">Nonjudicial</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=3" title="Edit section: Nonjudicial"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><i>Foreclosure by power of sale,</i> also called <i>nonjudicial foreclosure</i>, and is authorized by many states if a <i>power of sale</i> clause is included in the mortgage or if a <a href="/wiki/Trust_deed_(real_estate)" class="mw-redirect" title="Trust deed (real estate)">deed of trust</a> with such a clause was used, instead of an actual mortgage. In some US states, like <a href="/wiki/California" title="California">California</a> and <a href="/wiki/Texas" title="Texas">Texas</a>, nearly all so-called mortgages are actually deeds of trust. This process involves the sale of the property by the mortgage holder without court supervision (as elaborated upon below). This process is generally much faster and cheaper than foreclosure by judicial sale. As in judicial sale, the mortgage holder and other lien holders are respectively first and second claimants to the proceeds from the sale. </p> <div class="mw-heading mw-heading3"><h3 id="Strict">Strict</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=4" title="Edit section: Strict"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Other types of foreclosure are considered minor because of their limited availability. Under <i>strict foreclosure</i>, which is available in a few states including Connecticut, New Hampshire and Vermont, if the mortgagee wins the court case, the court orders the defaulted mortgagor to pay the mortgage within a specified period of time. Should the mortgagor fail to do so, the mortgage holder gains the title to the property with no obligation to sell it. This type of foreclosure is generally available only when the value of the property is less than the debt ("<a href="/wiki/Under_water_(loan)" class="mw-redirect" title="Under water (loan)">under water</a>"). Historically, strict foreclosure was the original method of foreclosure. </p> <div class="mw-heading mw-heading2"><h2 id="Acceleration">Acceleration</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=5" title="Edit section: Acceleration"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Acceleration is a clause that is usually found in Sections 16, 17, or 18 of a typical mortgage in the US. Not all accelerations are the same for each mortgage, as it depends on the terms and conditions between lender and obligated mortgagor(s). When a term in the mortgage has been broken, the <a href="/wiki/Acceleration_clause" class="mw-redirect" title="Acceleration clause">acceleration clause</a> goes into effect. It can declare the entire payable debt to the lender if the borrower(s) were to transfer the title at a future date to a purchaser. The clause in the mortgage also instructs that a notice of acceleration must be served to the obligated mortgagor(s) who signed the Note. Each mortgage gives a time period for the debtor(s) to cure their loan. The most common time periods allot to debtor(s) is usually 30 days, but for commercial property it can be 10 days. The notice of acceleration is called a Demand and/or Breach Letter. In the letter it informs the Borrower(s) that they have 10 or 30 days from the date on the letter to reinstate their loan. Demand/Breach letters are sent out by Certified and Regular mail to all notable addresses of the Borrower(s). Also in the acceleration of the mortgage the lender must provide a payoff quote that is estimated 30 days from the date of the letter. This letter is called an FDCPA (Fair Debt Collections Practices Acts) letter and/or Initial Communication Letter. Once the Borrower(s) receives the two letters providing a time period to reinstate or pay off their loan the lender must wait until that time expires in to take further action. When the 10 or 30 days have passed that means that the acceleration has expired and the Lender can move forward with foreclosing on the property. </p><p>The lender will also include any unpaid property taxes and delinquent payments in this amount, so if the borrower does not have significant equity they will owe more than the original amount of the mortgage. </p><p>Lenders may also accelerate a loan if there is a transfer clause, obligating the mortgagor to notify the lender of any transfer, whether; a lease-option, lease-hold of 3 years or more, land contracts, agreement for deed, transfer of title or interest in the property. </p><p>The vast majority (but not all) of mortgages today have acceleration clauses. The holder of a mortgage without this clause has only two options: either to wait until all of the payments come due or convince a court to compel a sale of some parts of the property in lieu of the past due payments. Alternatively, the court may order the property sold subject to the mortgage, with the proceeds from the sale going to the payments owed the mortgage holder. </p> <div class="mw-heading mw-heading2"><h2 id="Process">Process</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=6" title="Edit section: Process"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The process of foreclosure can be rapid or lengthy and varies from state to state. Other options such as <a href="/wiki/Refinancing" title="Refinancing">refinancing</a>, a short sale, alternate financing, temporary arrangements with the lender, or even <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcy</a> may present homeowners with ways to avoid foreclosure. Websites which can connect individual borrowers and homeowners to lenders are increasingly offered as mechanisms to bypass traditional lenders while meeting payment obligations for mortgage providers. Although there are slight differences between the states, the foreclosure process generally follows a timeline beginning with initial missed payments, moving to a sale being scheduled and finally a redemption period (if available).<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Strict_and_judicial">Strict and judicial</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=7" title="Edit section: Strict and judicial"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the <a href="/wiki/United_States" title="United States">United States</a>, there are two types of foreclosure in most states described by <a href="/wiki/Common_law" title="Common law">common law</a>. Using a "<a href="/wiki/Deed_in_lieu_of_foreclosure" title="Deed in lieu of foreclosure">deed in lieu of foreclosure</a>," or "<a href="/wiki/Strict_foreclosure" title="Strict foreclosure">strict foreclosure</a>", the noteholder claims the <a href="/wiki/Title_(property)" title="Title (property)">title</a> and possession of the property back in full satisfaction of a debt, usually on contract. </p><p>In the proceeding simply known as foreclosure (or, perhaps, distinguished as "judicial foreclosure"), the lender must sue the defaulting borrower in state court. Upon final judgment (usually <a href="/wiki/Summary_judgment" title="Summary judgment">summary judgment</a>) in the lender's favor, the property is subject to <a href="/wiki/Auction" title="Auction">auction</a> by the county <a href="/wiki/Sheriff" title="Sheriff">sheriff</a> or some other officer of the court. Many states require this sort of proceeding in some or all cases of foreclosure to protect any <a href="/wiki/Ownership_equity" class="mw-redirect" title="Ownership equity">equity</a> the debtor may have in the property, in case the value of the debt being foreclosed on is substantially less than the market value of the real property; this also discourages a strategic foreclosure by a lender who wants to obtain the property. In this foreclosure, the sheriff then issues a deed to the winning bidder at auction. Banks and other institutional lenders may bid in the amount of the owed debt at the sale but there are a number of other factors that may influence the bid, and if no other buyers step forward the lender receives title to the real property in return. </p> <div class="mw-heading mw-heading3"><h3 id="Nonjudicial_2">Nonjudicial</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=8" title="Edit section: Nonjudicial"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Historically, the vast majority of judicial foreclosures have been unopposed, since most defaulting borrowers have no money to hire counsel. Therefore, the U.S. financial services industry has lobbied since the mid-19th century for faster foreclosure procedures that would not clog up state courts with uncontested cases, and would lower the cost of credit (because it must always have the cost of recovering collateral built-in).<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2011)">citation needed</span></a></i>]</sup> Lenders have also argued that taking foreclosures out of the courts is actually kinder and less traumatic to defaulting borrowers, as it avoids the <i><a href="/wiki/In_terrorem" title="In terrorem">in terrorem</a></i> effects of being sued.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2011)">citation needed</span></a></i>]</sup> </p><p>In response, a slight majority of U.S. states have adopted nonjudicial foreclosure procedures in which the mortgagee (or more commonly the mortgagee's servicer's attorney, designated agent, or trustee) gives the debtor a notice of default (NOD) and the mortgagee's intent to sell the real property in a form prescribed by state <a href="/wiki/Statute" title="Statute">statute</a>; the NOD in some states must also be recorded against the property. This type of foreclosure is commonly called "statutory" or "nonjudicial" foreclosure, as opposed to "judicial", because the mortgagee does not need to file an actual lawsuit to initiate the foreclosure. A few states impose additional procedural requirements such as having documents stamped by a court clerk; Colorado requires the use of a county "public trustee," a government official, rather than a private trustee specializing in carrying out foreclosures. However, in most states, the <i>only</i> government official involved in a nonjudicial foreclosure is the county recorder, who merely records any pre-sale notices and the <a href="/wiki/Trust_deed_(real_estate)#Power_of_sale_and_trustee's_sale" class="mw-redirect" title="Trust deed (real estate)">trustee's deed upon sale</a>. </p><p>In this "power-of-sale" type of foreclosure, if the debtor fails to cure the default, or use other lawful means (such as filing for <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcy</a> to temporarily stay the foreclosure) to stop the sale, the mortgagee or its representative conduct a <a href="/wiki/Public_auction" class="mw-redirect" title="Public auction">public auction</a> in a manner similar to the sheriff's auction. Notably, the lender <i>itself</i> can bid for the property at the auction, and is the <i>only</i> bidder that can make a "credit bid" (a bid based on the outstanding debt itself) while all other bidders must be able to immediately (or within a very short period of time) present the auctioneer with cash or a cash equivalent like a <a href="/wiki/Cashier%27s_check" title="Cashier's check">cashier's check</a>. </p><p>The highest bidder at the auction becomes the owner of the real property, free and clear of interest of the former owner, but possibly encumbered by liens superior to the foreclosed mortgage (e.g., a senior mortgage, unpaid property taxes, weed/demolition liens). Further legal action, such as an <a href="/wiki/Eviction" title="Eviction">eviction</a>, may be necessary to obtain possession of the premises if the former occupant fails to voluntarily vacate. </p> <div class="mw-heading mw-heading3"><h3 id="Defenses">Defenses</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=9" title="Edit section: Defenses"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In some US states, particularly those where only judicial foreclosure is available, the constitutional issue of <a href="/wiki/Due_process" title="Due process">due process</a> has affected the ability of some lenders to foreclose. In Ohio, the US federal district court for the Northern District of Ohio has dismissed numerous foreclosure actions by lenders because of the inability of the alleged lender to prove that they are the real party in interest.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> The same happened in a Colorado district court case in June 2008.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>In contrast, in six <a href="/wiki/United_States_courts_of_appeals" title="United States courts of appeals">federal judicial circuits</a> and the majority of nonjudicial foreclosure states (like California), due process has already been judicially determined to be a frivolous defense.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> The entire point of nonjudicial foreclosure is that there is no <a href="/wiki/State_actor" class="mw-redirect" title="State actor">state actor</a> (i.e., a court) involved.<sup id="cite_ref-garfinkle_12-0" class="reference"><a href="#cite_note-garfinkle-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> The constitutional right of due process protects people only from violations of their civil rights by state actors, not private actors. (The involvement of the county clerk or recorder in recording the necessary documents has been held to be insufficient to invoke due process, since they are required by statute to record all documents presented that meet minimum formatting requirements and are denied the discretion to decide whether a particular foreclosure should proceed.) </p><p>A further rationale is that under the principle of <a href="/wiki/Freedom_of_contract" title="Freedom of contract">freedom of contract</a>, if debtors wish to enjoy the additional protection of the formalities of judicial foreclosure, it is their burden to find a lender willing to provide a loan secured by a traditional conventional mortgage instead of a deed of trust with a power of sale. Courts have also rejected as frivolous the argument that the mere legislative act of authorizing or regulating the nonjudicial foreclosure process thereby transforms the process itself into state action.<sup id="cite_ref-garfinkle_12-1" class="reference"><a href="#cite_note-garfinkle-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>In turn, since there is no right to due process in nonjudicial foreclosure, it has been held that it is irrelevant whether the borrower had actual notice (i.e., subjective awareness) of the foreclosure, as long as the foreclosure trustee performed the tasks prescribed by statute in an attempt to give notice.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Equitable_foreclosure">Equitable foreclosure</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=10" title="Edit section: Equitable foreclosure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>"Strict foreclosure" available in some states is an equitable right of the foreclosure sale purchaser. The purchaser must petition a court for a decree that cancels any junior lien holder's rights to the senior debt. If the junior lien holder fails to object within the judicially established time frame, his lien is canceled and the purchaser's title is cleared. This effect is the same as the strict foreclosure that occurred in English common law of equity as a response to the development of the <a href="/wiki/Equity_of_redemption" title="Equity of redemption">equity of redemption</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Title_search_and_tax_lien_issues">Title search and tax lien issues</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=11" title="Edit section: Title search and tax lien issues"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In most jurisdictions, it is customary for the foreclosing lender to obtain a <a href="/wiki/Title_search" title="Title search">title search</a> of the real property and to notify all other persons who may have <a href="/wiki/Lien" title="Lien">liens</a> on the property, whether by <a href="/wiki/Judgment_(law)" title="Judgment (law)">judgment</a>, by <a href="/wiki/Contract" title="Contract">contract</a>, or by <a href="/wiki/Statute" title="Statute">statute</a> or other law, so that they may appear and assert their interest in the foreclosure litigation. This is accomplished through the filing of a <i><a href="/wiki/Lis_pendens" title="Lis pendens">lis pendens</a></i> as part of the lawsuit and recordation of it in order to provide public notice of the pendency of the foreclosure action. In all U.S. jurisdictions, a lender who conducts a foreclosure sale of real property that has a federal tax lien must give 25 days notice of the sale to the <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a>. Failure to give notice results in the lien remaining attached to the real property after the sale. Therefore, it is imperative the lender search local federal tax liens, so that if parties to the foreclosure have a federal tax lien filed against them, the proper notice to the IRS is given. A detailed explanation by the IRS of the federal tax lien process can be found.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Contesting_a_foreclosure">Contesting a foreclosure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=12" title="Edit section: Contesting a foreclosure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Because the right of redemption is an equitable right, foreclosure is an action in equity. To keep the right of redemption, the debtor may be able to petition the court for an injunction. If repossession is imminent, the debtor must seek a temporary restraining order. However, the debtor may have to post a bond in the amount of the debt. This protects the creditor if the attempt to stop foreclosure is simply an attempt to escape the debt. </p><p>A debtor may also <b>challenge the validity of the debt</b> in a claim against the bank to stop the foreclosure and sue for damages. In a foreclosure proceeding, the lender also bears the burden of proving they have standing to foreclose. </p><p>Several U.S. states, including California,<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Georgia,<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> and Texas<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> impose a "tender" condition precedent upon borrowers seeking to challenge a wrongful foreclosure, which is rooted in the <a href="/wiki/Maxims_of_equity" title="Maxims of equity">maxim of equity</a> principle that "he who seeks equity must first do equity", as well as the common law rule that the party seeking <a href="/wiki/Rescission_(contract_law)" title="Rescission (contract law)">rescission</a> of a contract must first return all benefits received under the contract. </p><p>In other words, to challenge an allegedly wrongful foreclosure, the borrower must make <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a> of the <i>entire</i> remaining balance of the debt prior to the foreclosure sale. California has one of the strictest forms of this rule, in that the funds must be <i>received</i> by the lender before the sale. One tender attempt was held inadequate when the check arrived via <a href="/wiki/FedEx" title="FedEx">FedEx</a> on a Monday, three days after the foreclosure sale had already occurred on Friday.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>At least one textbook has attacked the paradox inherent in the tender rule—namely, if the borrower actually had enough cash to promptly pay the entire balance, they would have already paid it off and the lender would not be trying to foreclose upon them in the first place<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup>—but it continues to be the law in the aforementioned states. </p><p>Occasionally, borrowers have raised enough cash at the last minute (usually through desperate <a href="/wiki/Fire_sale" title="Fire sale">fire sales</a> of other unencumbered assets) to offer good tender and have thereby preserved their rights to challenge the foreclosure process. Courts have been unsympathetic to attempts by such borrowers to recover fire sale losses from foreclosing lenders.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>One noteworthy court case questions the legality of the foreclosure practice is sometimes cited as proof of various claims regarding lending. In the case <i><a href="/wiki/First_National_Bank_of_Montgomery_v._Jerome_Daly" class="mw-redirect" title="First National Bank of Montgomery v. Jerome Daly">First National Bank of Montgomery v. Jerome Daly</a></i>, Jerome Daly claimed that the bank did not offer a legal form of <a href="/wiki/Consideration" title="Consideration">consideration</a> because the money loaned to him was created upon signing of the loan contract. The myth reports that Daly won, did not have to repay the loan, and the bank could not repossess his property. In fact, the "ruling" (widely referred to as the "Credit River Decision") was ruled a nullity by the courts.<sup id="cite_ref-mn_faq_22-0" class="reference"><a href="#cite_note-mn_faq-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>In a recent New York case, the Court rejected a lender's attempt to foreclose on summary judgment because the lender failed to submit proper affidavits and papers in support of its foreclosure action and also, the papers and affidavits that were submitted were not prepared in the ordinary course of business.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> Many borrowers' attorneys will establish a lender proof of compliance with the 90-day pre-foreclosure notice requirement in order to delay and prolong forecosure proceedings giving the borrower an extra 3 months to clean their record and pay off debt.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Foreclosure_auction">Foreclosure auction</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=13" title="Edit section: Foreclosure auction"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When the entity (in the US, typically a county sheriff or designee) auctions a foreclosed property the noteholder may set the starting price as the remaining balance on the mortgage loan. However, there are a number of issues that affect how pricing for properties is considered, including bankruptcy rulings. In a weak market, the foreclosing party may set the starting price at a lower amount if it believes the real estate securing the loan is worth less than the remaining principal of the loan. Time from notice of foreclosures to actual property sales depends on many factors, such as the method of foreclosure (judicial or non-judicial). </p><p>When the remaining mortgage balance is higher than the actual home value, the foreclosing party is unlikely to attract auction bids at this price level. A house that has gone through a foreclosure auction and failed to attract any acceptable bids may remain the property of the owner of the mortgage. That inventory is called <a href="/wiki/Real_estate_owned" title="Real estate owned">REO</a> (real estate owned). In these situations, the owner/servicer tries to sell it through standard real estate channels. </p> <div class="mw-heading mw-heading2"><h2 id="Further_borrower's_obligations"><span id="Further_borrower.27s_obligations"></span>Further borrower's obligations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=14" title="Edit section: Further borrower's obligations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The mortgagor may be required to pay for <a href="/wiki/Private_Mortgage_Insurance" class="mw-redirect" title="Private Mortgage Insurance">Private Mortgage Insurance</a>, or PMI, for as long as the principal of his or her primary mortgage is above 80% of the value of his or her property. In most situations, insurance requirements guarantee that the lender gets back some pre-defined proportion of the loan value, either from foreclosure auction proceeds or from PMI or a combination of those. </p><p>Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a <a href="/wiki/Deficiency_judgment" title="Deficiency judgment">deficiency judgment</a> against the mortgagor. Deficiency judgments can be used to place a lien on the borrower's other property that obligates the mortgagor to repay the difference. It gives lender a legal right to collect the remainder of debt out of mortgagor's other assets (if any). </p><p>There are exceptions to this rule. If the mortgage is a <a href="/wiki/Non-recourse_debt" class="mw-redirect" title="Non-recourse debt">non-recourse debt</a> (which is often the case with owner-occupied residential mortgages in the U.S.), lender may not go after borrower's assets to recoup his losses. Lender's ability to pursue deficiency judgment may be restricted by state laws. In California and some other US states, original mortgages (the ones taken out at the time of purchase) are typically non-recourse loans; however, refinanced loans and home equity lines of credit are not. </p><p>If the lender chooses not to pursue deficiency judgment—or cannot because the mortgage is non-recourse—and accepts the loss, the borrower may have to pay income taxes on the unrepaid amount if it can be considered "forgiven debt". However, recent changes in tax laws may change the way these amounts are reported.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2009)">citation needed</span></a></i>]</sup> </p><p>Any liens resulting from other loans against the property being foreclosed (<a href="/wiki/Second_mortgage" title="Second mortgage">second mortgages</a>, <a href="/wiki/HELOC" class="mw-redirect" title="HELOC">HELOCs</a>) are "wiped out" by foreclosure.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2020)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Renegotiation_alternative">Renegotiation alternative</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=15" title="Edit section: Renegotiation alternative"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the wake of the <a href="/wiki/United_States_housing_bubble" class="mw-redirect" title="United States housing bubble">United States housing bubble</a> and the subsequent <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a> there has been increased interest in renegotiation or modification of the mortgage loans rather than foreclosure, and some commentators have speculated that the crisis was exacerbated by the "unwillingness of lenders to renegotiate mortgages".<sup id="cite_ref-Adelino2009_26-0" class="reference"><a href="#cite_note-Adelino2009-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Several policies, including the U.S. Treasury sponsored Hope Now initiative and the 2009 "Making Home Affordable" plan have offered incentives to renegotiate mortgages. Renegotiations can include lowering the principal due or temporarily reducing the interest rate. A 2009 study by Federal Reserve economists found that even using a broad definition of renegotiation, only 3% of "seriously delinquent borrowers" received a modification. The leading theory attributes the lack of renegotiation to <a href="/wiki/Securitization" title="Securitization">securitization</a> and a large number of claimants with <a href="/wiki/Security_interest" title="Security interest">security interest</a> in the mortgage. There is some support behind this theory, but an analysis of the data found that renegotiation rates were similar among unsecuritized and securitized mortgages. The authors of the analysis argue that banks don't typically renegotiate because they expect to make more money with a foreclosure, as renegotiation imposes "self-cure" and "redefault" risks.<sup id="cite_ref-Adelino2009_26-1" class="reference"><a href="#cite_note-Adelino2009-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Government supported programs such as Home Affordable Refinance Program (HARP) may provide homeowners the ability to refinance their mortgages if they are unable to obtain a traditional refinance due to their declined home value.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>A dual-tracking process appeared to be in use by many lenders, however, where the lender would simultaneously talk to the borrower about a "loan modification", but also move ahead with a foreclosure sale of the borrower's property. Borrowers were heard to complain that they were misled by these practices and would often be "surprised" that their home had been sold at foreclosure auction, as they believed they were in a "loan modification process". California has enacted legislation to eliminate this type of "dual-tracking" – The Homeowner Bill of Rights – AB 278, SB 900, That went into effect on January 1, 2013.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Experiences_of_households_post-foreclosure">Experiences of households post-foreclosure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=16" title="Edit section: Experiences of households post-foreclosure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A 2011 research paper by the <a href="/wiki/Federal_Reserve_Board" class="mw-redirect" title="Federal Reserve Board">Federal Reserve Board</a>, “The Post-Foreclosure Experience of U.S. Households,” used credit reports from more than 37 million individuals between 1999 and 2010 to measure post-foreclosure behavior, especially in regard to future borrowing and housing consumption. The study found that: 1) On average 23% of people experiencing foreclosure had moved within a year of the foreclosure process starting. In the same time, a control group (not facing foreclosure) had only a 12% migration rate; 2) Only 30% of post-foreclosure borrowers moved to neighborhoods with median income at least 25% lower than their previous neighborhood; 3) The majority of post-foreclosure migrants do not end up in substantially less-desirable neighborhoods or more crowded living conditions; 4) There was no significant difference in household size between the post-foreclosure and control groups. However, only 17% of the post-foreclosure individuals had the same number and composition of household members after a foreclosure than before. By comparison, the control group maintained the same household companions in 46% of cases; and, 5) Only about 20% of post-foreclosure individuals chose to live in households where one person maintained a mortgage. Overall, the authors conclude that it is “difficult to say whether this small effect is because the shock that leads to foreclosure is not long-lasting, because the credit constraints imposed by having a foreclosure on one’s credit report are not large, or because housing services are more inelastic than other forms of consumption."<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Affected_demographics">Affected demographics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=17" title="Edit section: Affected demographics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Recent housing studies indicate that <a href="/wiki/Minority_group" title="Minority group">minority</a> households disproportionately experience foreclosures. Other overly represented groups include African Americans, renter households, households with children, and foreign-born homeowners. For example, statistics show that African American buyers are 3.3 times more likely than white buyers to be in foreclosure, while Latino and Asian buyers are 2.5 and 1.6 times more likely, respectively. As another statistical example, over 60 per cent of the foreclosures that occurred in <a href="/wiki/New_York_City" title="New York City">New York City</a> in 2007 involved rental properties. Twenty percent of the foreclosures nationwide were from rental properties. One reason for this is that the majority of these people have borrowed with risky subprime loans. There is a major lack of research done in this area posing problems for three reasons. One, not being able to describe who experiences foreclosure makes it challenging to develop policies and programs that can prevent/reduce this trend for the future. Second, researchers cannot tell the extent to which recent foreclosures have reversed the advances in <a href="/wiki/Homeownership" class="mw-redirect" title="Homeownership">homeownership</a> that some groups, historically lacking equal access, have made. Third, research is focused too much on community-level effects even though it is the individual households that are most strongly affected.<sup id="cite_ref-Allen_30-0" class="reference"><a href="#cite_note-Allen-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> Many people cite their own or their family members medical conditions as the primary reason for undergoing a foreclosure. Many do not have <a href="/wiki/Health_insurance" title="Health insurance">health insurance</a> and are unable to adequately provide for their medical needs. This again points to the fact that foreclosures affects already vulnerable populations.<sup id="cite_ref-Pollack_31-0" class="reference"><a href="#cite_note-Pollack-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Credit scores are greatly impacted after a foreclosure. The average number of points reduced when you are 30 days late on your mortgage payment is 40 – 110 points, 90 days late is 70 – 135 points, and a finalized foreclosure, short sale or deed-in-lieu is 85 – 160 points.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Recent_trends">Recent trends</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=18" title="Edit section: Recent trends"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 2009, the <a href="/wiki/United_States_Congress" title="United States Congress">United States Congress</a> tried to rescue the economy with a $700 billion bailout for the financial industry; however, there was a growing consensus that the deepening collapse of the housing market was at the heart of the country's acute economic downturn. After spending billions of dollars rescuing financial institutions only to see the economy spiral even deeper into crisis, both liberal and conservative economists and lawmakers pushed to redirect an economic stimulus bill to what they saw as the core problem: the housing market. But beneath the consensus over helping the housing market, there were huge differences over who should benefit under the competing plans. Democrats wanted to aim money directly at people in the greatest distress; and Republicans wanted to aim money at almost all homebuyers, on the theory that a rising tide would eventually lift all boats.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>In 2010, there was a 14% increase in the number of homes receiving a default notice between July and September. In that year one in every 45 homes received a foreclosure filing and the problem has become more widespread with the increasing rates of unemployment across the nation. Banks have become extremely aggressive without much patience for those who have fallen behind on their mortgage payments, and there are more families entering the foreclosure process sooner than ever. In 2011, banks were on track to repossess over 800,000 homes.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> In 2010, the highest rates of foreclosure filings were in <a href="/wiki/Las_Vegas,_Nevada" class="mw-redirect" title="Las Vegas, Nevada">Las Vegas, Nevada</a>; <a href="/wiki/Fort_Myers,_Florida" title="Fort Myers, Florida">Fort Myers, Florida</a>; <a href="/wiki/Modesto,_California" title="Modesto, California">Modesto, California</a>; <a href="/wiki/Scottsdale,_Arizona" title="Scottsdale, Arizona">Scottsdale, Arizona</a>; <a href="/wiki/Miami,_Florida" class="mw-redirect" title="Miami, Florida">Miami, Florida</a>; and <a href="/wiki/Ontario,_California" title="Ontario, California">Ontario, California</a>. The geographic diversity of these cities is made up for by the fact they these are all relatively metropolitan areas. Big cities like <a href="/wiki/Houston,_Texas" class="mw-redirect" title="Houston, Texas">Houston, Texas</a> saw a 26% increase in 2010, 23% in <a href="/wiki/Seattle,_Washington" class="mw-redirect" title="Seattle, Washington">Seattle, Washington</a> and 21% in <a href="/wiki/Atlanta,_Georgia" class="mw-redirect" title="Atlanta, Georgia">Atlanta, Georgia</a>. These cities had the lowest rates of unemployment. On the opposite end of the spectrum, the cities with the lowest rates of foreclosure were Rome, NY; South Burlington, VT; Charleston, WV; Bryan, TX; and Tuscaloosa, AL.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> Not surprisingly, these areas had some of the highest nationwide rates of <a href="/wiki/Unemployment" title="Unemployment">unemployment</a>, helping to further demonstrate this correlation. A quote from <a href="/wiki/RealtyTrac" title="RealtyTrac">RealtyTrac</a> CEO James Saccacio summarizes the recent trends: </p> <blockquote><p>“Foreclosure floodwaters receded somewhat in 2010 in the nation’s hardest-hit housing markets. Even so, foreclosure levels remained five to 10 times higher than historic norms in most of those hard-hit markets, where deep fault-lines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond.”</p></blockquote><p><sup id="cite_ref-Allen_30-1" class="reference"><a href="#cite_note-Allen-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p><p>As per the foreclosure data report of RealtyTrac for January 2014, 1 in every 1,058 homes in U.S. received a foreclosure filing. This figure falls in the higher spectrum of foreclosure frequency. As of August 2014, the foreclosure rate was 33.7%, 1.7% up from the last year. The rise in foreclosure activity has been most significant in New York and New Jersey, the two most densely populated areas in U.S. Closely following them is Florida.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Impact_of_foreclosure">Impact of foreclosure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=19" title="Edit section: Impact of foreclosure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Notices_on_door_and_windows_of_foreclosed_house,_Walden,_NY,_April_2013.jpg" class="mw-file-description"><img alt="Outer door and window of a house with several paper notices taped to both of them" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Notices_on_door_and_windows_of_foreclosed_house%2C_Walden%2C_NY%2C_April_2013.jpg/220px-Notices_on_door_and_windows_of_foreclosed_house%2C_Walden%2C_NY%2C_April_2013.jpg" decoding="async" width="220" height="148" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Notices_on_door_and_windows_of_foreclosed_house%2C_Walden%2C_NY%2C_April_2013.jpg/330px-Notices_on_door_and_windows_of_foreclosed_house%2C_Walden%2C_NY%2C_April_2013.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0d/Notices_on_door_and_windows_of_foreclosed_house%2C_Walden%2C_NY%2C_April_2013.jpg/440px-Notices_on_door_and_windows_of_foreclosed_house%2C_Walden%2C_NY%2C_April_2013.jpg 2x" data-file-width="4096" data-file-height="2764" /></a><figcaption>Notices accumulate on the door and window of a foreclosed, unoccupied house.</figcaption></figure> <p>The impact of foreclosure goes beyond just homeowners but also expands to towns and neighborhoods as a whole. Cities with high foreclosure rates often experience more <a href="/wiki/Crime" title="Crime">crime</a> and thefts with abandoned houses being broken into, garbage collecting on lawns, and an increase in prostitution.<sup id="cite_ref-AP_37-0" class="reference"><a href="#cite_note-AP-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> Foreclosures also impact neighboring housing sales on two levels—space and time. For any given time frame, foreclosures have a greater negative impact when they are closer to the property attempting to be sold. The conventional view suggested is that the increase in foreclosures will cause declines in the sales value of neighboring properties, which, in turn, will lead to an extension of the housing crisis.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Another significant impact from increased foreclosure rates is on school mobility of <a href="/wiki/Children" class="mw-redirect" title="Children">children</a>. In general, research suggests that switching schools is damaging for children, although this does significantly depend on the quality of the origin and destination schools. A study done in <a href="/wiki/New_York_City" title="New York City">New York City</a> revealed that students who changed schools most often entered a school with lower, on average, <a href="/wiki/Test_scores" class="mw-redirect" title="Test scores">test scores</a> and overall school performance. The effect of these moves on academic performance for individual students requires further research.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> Foreclosures also have an emotional and physical effect on people. In one particular study of 250 recruited participants who had experienced foreclosure, 36.7% met screening criteria for <a href="/wiki/Major_depressive_disorder" title="Major depressive disorder">major depression</a>.<sup id="cite_ref-Pollack_31-1" class="reference"><a href="#cite_note-Pollack-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="By_country">By country</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=20" title="Edit section: By country"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Australia_and_New_Zealand">Australia and New Zealand</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=21" title="Edit section: Australia and New Zealand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Foreclosure" title="Special:EditPage/Foreclosure">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">June 2015</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Foreclosure has been prohibited by law in New Zealand for well over a century. Instead the mortgagee realises the security through sale, the exercise of the power of sale also being regulated by statute. </p><p>In both of these countries statutory reform has altered the manner in which real property dealings are conducted. What is termed a "mortgage" is a legal interest that is registered against the fee simple title of the property. Since in both countries, the <a href="/wiki/Torrens_title" title="Torrens title">Torrens title</a> system of land registration is used, being registered as proprietor or as a mortgagee creates an indefeasible interest (unless the acquisition of the registration was by land transfer fraud). The mortgagee therefore never holds the fee simple, and there is a statutory process for initiating and conducting a mortgagee sale in the event that the mortgagor defaults. In New Zealand, as in England, say, the land title database is now electronic so there are no paper "title documents". </p> <div class="mw-heading mw-heading3"><h3 id="Ireland">Ireland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=22" title="Edit section: Ireland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Republic_of_Ireland" title="Republic of Ireland">Ireland</a>, foreclosure has been abolished by the Land and Conveyancing Reform Act 2009<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> but Chapter 4 of Part 9 of the <a href="/wiki/National_Asset_Management_Agency" title="National Asset Management Agency">National Asset Management Agency</a> Act 2009 provides for vesting orders that are equivalent to foreclosure but may only be used by NAMA.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="People's_Republic_of_China"><span id="People.27s_Republic_of_China"></span>People's Republic of China</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=23" title="Edit section: People's Republic of China"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Foreclosure in the <a href="/wiki/People%27s_Republic_of_China" class="mw-redirect" title="People's Republic of China">People's Republic of China</a> takes place as a form of debt enforcement proceedings under strict judicial foreclosure, which is only allowed by law of guarantee and law of property right. </p><p>China amended the <i>Constitution of the Peoples's Republic of China</i> (adopted April 12, 1988), to allow transfer of land rights, from "granted land rights" to "allocated land rights" thus paving the way for private land ownership, allowing for the renting, leasing, and mortgage of land. The <i>1990 Regulations on Granting Land Use Rights</i> dealt further with this followed by the <i>Urban Real Estate Law</i> (adopted July 5, 1994),<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> the "Security Law of the People's Republic of China" (adopted June 30, 1995), and then the "Urban Mortgage Measures" (issued May 9, 1997)<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> resulting in land privatization and mortgage lending practices. </p> <div class="mw-heading mw-heading4"><h4 id="Mortgages_and_foreclosure">Mortgages and foreclosure</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=24" title="Edit section: Mortgages and foreclosure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Chinese law and mortgage practices have progressed with safeguards to prevent foreclosures as much as possible. These include mandatory secondary security, rescission (Chinese Contract Law), and maintaining accounts at the lending bank to cover any defaults without prior notice to the borrower.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> A mortgagee may sue on a note without foreclosing, obtain a general judgment, and collect that judgment against other property of the mortgagor, without foreclosing. When all other avenues have failed a lender may seek a <b>judgement of foreclosure</b>. Under the "Civil Procedure Law", foreclosures should be finalized in a six-month time frame but this is dependent on several things including if the mortgager applies to the court for execution of the judgment.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> Mortgages are formally foreclosed at auction by a licensed auction specialist.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Philippines">Philippines</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=25" title="Edit section: Philippines"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are two modes of foreclosure in the <a href="/wiki/Philippines" title="Philippines">Philippines</a>. A mortgagee may foreclose either judicially or extrajudicially, as governed by Rule 68 of the 1997 Revised Rules of Civil Procedure and Act. No. 3135, respectively. A judicial foreclosure is done by filing a complaint in the Regional Trial Court of the place where the property is located.<sup id="cite_ref-auto_47-0" class="reference"><a href="#cite_note-auto-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> The judge renders judgment, ordering the mortgagor to pay the debt within a period of 90–120 days. If the debt is not paid within the said period, a foreclosure sale satisfies the judgment.<sup id="cite_ref-auto_47-1" class="reference"><a href="#cite_note-auto-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> In an extrajudicial foreclosure, the mortgagee need not initiate an action in court but may simply file an application before the Clerk of Court to secure attendance of the Sheriff who conducts the public sale.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> This is done pursuant to a power of sale. Note that these two modes specifically apply to real estate mortgages. Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties.<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Spain">Spain</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=26" title="Edit section: Spain"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Unlike in the United States, where a foreclosure means the end of the line, the foreclosure hearing in <a href="/wiki/Spain" title="Spain">Spain</a> is just the beginning of the homeowner's troubles. They will have to work for the bank for many years and will be unable to ever own anything—even a car. Spanish mortgage holders are responsible for the full amount of the loan to the bank in addition to penalty interest charges, and court fees. Much of this can be attributed to Spain having the highest unemployment rate in the "euro zone". Unlike in the US, bankruptcy is not an adequate solution since mortgage debt is specifically excluded. Unlike other European countries, you cannot go to the courts for any sort of debt relief. There has been much contention over these policies in the Spanish Parliament but the government is convinced that keeping these policies will prevent Spanish banks from ever experiencing something similar to the US mayhem.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> With repossessed real estate properties on their books worth about €100 billion the banks in Spain are eager to get rid of foreclosures.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="South_Africa">South Africa</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=27" title="Edit section: South Africa"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For a developing country, there is a high rate of foreclosures in <a href="/wiki/South_Africa" title="South Africa">South Africa</a><sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (April 2012)">citation needed</span></a></i>]</sup> because of the <a href="/wiki/Privatisation" class="mw-redirect" title="Privatisation">privatisation</a> of housing delivery.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Neutral_point_of_view" title="Wikipedia:Neutral point of view"><span title="This statement is possibly biased. (April 2012)">neutrality</span></a> is <a href="/wiki/Talk:Foreclosure" title="Talk:Foreclosure">disputed</a></i>]</sup> One of the biggest opponents of foreclosures is the <a href="/wiki/Western_Cape_Anti-Eviction_Campaign" title="Western Cape Anti-Eviction Campaign">Western Cape Anti-Eviction Campaign</a> which sees foreclosures as unconstitutional and a particular burden on vulnerable poor populations.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Neutral_point_of_view#Due_and_undue_weight" title="Wikipedia:Neutral point of view"><span title="The material near this tag may be giving undue weight to a viewpoint or idea. (April 2012)">undue weight?</span></a> – <a href="/wiki/Talk:Foreclosure#undue" title="Talk:Foreclosure">discuss</a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Switzerland">Switzerland</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=28" title="Edit section: Switzerland"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a>, foreclosure takes place as a form of debt enforcement under <a href="/wiki/Insolvency_law_of_Switzerland" title="Insolvency law of Switzerland">Swiss insolvency law</a>. </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=29" title="Edit section: United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced_section plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Foreclosure" title="Special:EditPage/Foreclosure">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.</span> <span class="date-container"><i>(<span class="date">December 2016</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>In the United Kingdom, true foreclosures are quite uncommon, with <b>mortgage possession</b> (or alternatively, <b>repossession</b>) being more common. </p><p>In the case of mortgage possession or repossession, if the home is sold or auctioned for a price that exceeds the loan balance, those funds are returned to the consumer. Mortgage possession involves legal proceedings in which a <a href="/wiki/Mortgage_loan#Mortgage_lender" class="mw-redirect" title="Mortgage loan">mortgagee</a> or other <a href="/wiki/Lienholder" class="mw-redirect" title="Lienholder">lienholder</a>, usually a lender, obtains a court order for possession of a property, prior to exercising the <a href="/wiki/Mortgage_loan#Borrower" class="mw-redirect" title="Mortgage loan">mortgagor</a>'s <a href="/wiki/Equity_(law)" title="Equity (law)">equitable</a> right of <a href="/wiki/Redemption_value" title="Redemption value">redemption</a>. The eviction is carried out by bailiffs. Once the lender has obtained possession, it can then sell the home to recoup any lost arrears. If the proceeds from a mortgage possession are insufficient to cover the loan then the debtor remains liable for the balance, although in most cases this will become an unsecured debt and the mortgage company will be treated on an equitable basis with the debtor's other unsecured creditors (particularly if the debtor simultaneously or subsequently becomes bankrupt or enters into a voluntary arrangement with creditors). </p><p>By contrast, in the case of foreclosure the mortgage company retains all rights to proceeds from a sale or auction but the debtor is not liable for any shortfall. Courts almost never allow it especially if a large surplus is likely to be realised; furthermore, when a substantial surplus is unlikely to be realised then mortgagees are disinclined to seek foreclosure in the first place since that remedy leaves them no recourse to recover a shortfall. Instead, the courts usually grant an order for possession and an order for sale, which both mitigates some of the harshness of the repossession by allowing the sale while allowing lenders further recourse to recover any balance owing following a sale. </p><p>The UK has some pre-action protocols in place. Mortgage companies are required to work with homeowners to arrive at a resolution and it is possible to delay court action (ultimately, enabling many to avoid the loss of their home) in situations where the borrower has enrolled in individual programs or if the borrower's income is about to improve significantly with a new job or other measures that would allow them to pay off the arrears. There is no precise parallel to an American short sale, although the UK does have a process known as Assisted Voluntary Sale. An Assisted Voluntary Sale does have some negative credit impact for the consumer, but the adverse effect is less pronounced than one might suffer if the case were to proceed to the courts. </p><p>Mortgagors can lose their properties by default on their lease. This could occur where there is unpaid ground rent or unpaid rent on a shared ownership property. In this circumstance the property (or rather the lease) would be subject to forfeiture. Typically, a lender on these properties would pay the ground rent and add it to the mortgage debt to avoid losing their rights to the property. </p> <div class="mw-heading mw-heading3"><h3 id="Canada_(Alberta)"><span id="Canada_.28Alberta.29"></span>Canada (Alberta)</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=30" title="Edit section: Canada (Alberta)"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/Alberta" title="Alberta">Alberta</a>, <a href="/wiki/Canada" title="Canada">Canada</a>, there are three steps to foreclosure. First, the owner is behind in mortgage payments but still retains full control of the property. Then, the owner is still on title but has lost control of the property to the Court of Queens Bench of Alberta. Last, the legal title has been transferred by the courts to the banks. </p><p>The entire foreclosure process in Alberta can take a year or longer. The original owners try to sell over the value to solve their financial problems. The courts favour the owners over the banks and so rarely sell under value. The banks have the money and so never sell under value. </p><p>Foreclosures are also sold as is with no recourse for buyers if something goes wrong. That makes foreclosures generally overpriced and risky. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=31" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Big_single-family_home_2.jpg/32px-Big_single-family_home_2.jpg" decoding="async" width="32" height="24" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Big_single-family_home_2.jpg/48px-Big_single-family_home_2.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/af/Big_single-family_home_2.jpg/64px-Big_single-family_home_2.jpg 2x" data-file-width="800" data-file-height="604" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Housing" title="Portal:Housing">Housing portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Balance,_by_David.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Balance%2C_by_David.svg/30px-Balance%2C_by_David.svg.png" decoding="async" width="30" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Balance%2C_by_David.svg/46px-Balance%2C_by_David.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/17/Balance%2C_by_David.svg/61px-Balance%2C_by_David.svg.png 2x" data-file-width="606" data-file-height="558" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Law" title="Portal:Law">law portal</a></span></li></ul> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></li> <li><a href="/wiki/2010_United_States_foreclosure_crisis" title="2010 United States foreclosure crisis">2010 United States foreclosure crisis</a></li> <li><a href="/wiki/Conditional_dismissal" title="Conditional dismissal">Conditional dismissal</a></li> <li><a href="/wiki/Deed_in_lieu_of_foreclosure" title="Deed in lieu of foreclosure">Deed in lieu of foreclosure</a></li> <li><a href="/wiki/Drive-by_inspection" title="Drive-by inspection">Drive-by inspection</a></li> <li><a href="/wiki/Equity_stripping" title="Equity stripping">Equity stripping</a></li> <li><a href="/wiki/Eviction" title="Eviction">Eviction</a></li> <li><a href="/wiki/Forbearance" title="Forbearance">Forbearance</a></li> <li><a href="/wiki/Foreclosure_Stripping" class="mw-redirect" title="Foreclosure Stripping">Foreclosure Stripping</a></li> <li><a href="/wiki/Home_Affordable_Modification_Program" class="mw-redirect" title="Home Affordable Modification Program">Home Affordable Modification Program</a> (HAMP)</li> <li><a href="/wiki/Home_Affordable_Refinance_Program" title="Home Affordable Refinance Program">Home Affordable Refinance Program</a> (HARP)</li> <li><a href="/wiki/HUD_auction" title="HUD auction">HUD auction</a></li> <li><a href="/wiki/Loss_mitigation" title="Loss mitigation">Loss mitigation</a></li> <li><a href="/wiki/Occupy_Homes" title="Occupy Homes">Occupy Homes</a></li> <li><a href="/wiki/Repossession" title="Repossession">Repossession</a></li> <li><a href="/wiki/Real_estate_trends" title="Real estate trends">Real estate trends</a></li> <li><a href="/w/index.php?title=Short_sale_(real_estate)&action=edit&redlink=1" class="new" title="Short sale (real estate) (page does not exist)">Short sale (real estate)</a></li> <li><a href="/wiki/Strategic_default" title="Strategic default">Strategic default</a></li> <li><a href="/wiki/Tax_taking" class="mw-redirect" title="Tax taking">Tax taking</a> – Tax Sales, Tax Auctions, Tax Foreclosures</li> <li><a href="/wiki/Vacant_property" class="mw-redirect" title="Vacant property">Vacant property</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=32" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFTimiraosAlan_Zibel2011" class="citation news cs1">Timiraos, Nick; Alan Zibel (2011-11-02). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB10001424052970203707504577012130274478996">"Reviews Begin for Borrowers Disputing Foreclosures"</a>. <i>Wall Street Journal</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141227162957/http://www.wsj.com/articles/SB10001424052970203707504577012130274478996">Archived</a> from the original on 2014-12-27<span class="reference-accessdate">. Retrieved <span class="nowrap">2012-01-17</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Wall+Street+Journal&rft.atitle=Reviews+Begin+for+Borrowers+Disputing+Foreclosures&rft.date=2011-11-02&rft.aulast=Timiraos&rft.aufirst=Nick&rft.au=Alan+Zibel&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB10001424052970203707504577012130274478996&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.britannica.com/money/foreclosure">"foreclosure | Mortgage, Repossession, Foreclosure Process Definition | Britannica Money"</a>. <i>www.britannica.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-08-22</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.britannica.com&rft.atitle=foreclosure+%7C+Mortgage%2C+Repossession%2C+Foreclosure+Process+Definition+%7C+Britannica+Money&rft_id=https%3A%2F%2Fwww.britannica.com%2Fmoney%2Fforeclosure&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBritain1761" class="citation book cs1">Britain, Great (1761). "Mortgage". <a rel="nofollow" class="external text" href="https://books.google.com/books?id=CrA3AAAAMAAJ&q=mortgage&pg=PA241"><i>Statutes at Large from the Magna Carta to 1761 in Great Britain</i></a>. Mortgage.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Mortgage&rft.btitle=Statutes+at+Large+from+the+Magna+Carta+to+1761+in+Great+Britain&rft.pages=Mortgage&rft.date=1761&rft.aulast=Britain&rft.aufirst=Great&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DCrA3AAAAMAAJ%26q%3Dmortgage%26pg%3DPA241&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><i>BFP v. Resolution Trust Corporation</i>, <a href="/wiki/List_of_United_States_Supreme_Court_cases,_volume_511" title="List of United States Supreme Court cases, volume 511">511</a> <a href="/wiki/United_States_Reports" title="United States Reports">U.S.</a> <a rel="nofollow" class="external text" href="https://supreme.justia.com/cases/federal/us/511/531/">531</a> (1994).</span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://scholar.google.com/scholar_case?case=15729384942428371423"><i>Terrell v. Allison</i></a>, 88 U.S. (21 Wall.) 289 (1875).</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.natlawreview.com/article/supreme-court-missouri-upholds-lenders-rights-to-obtain-full-deficiency-judgment">"Supreme Court of Missouri Upholds Lenders' Rights to Obtain Full Deficiency Judgment"</a>. <i>The National Law Review</i>. Armstrong Teasdale. 2012-04-23. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120530051232/http://www.natlawreview.com/article/supreme-court-missouri-upholds-lenders-rights-to-obtain-full-deficiency-judgment">Archived</a> from the original on 2012-05-30<span class="reference-accessdate">. Retrieved <span class="nowrap">2012-06-13</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+National+Law+Review&rft.atitle=Supreme+Court+of+Missouri+Upholds+Lenders%27+Rights+to+Obtain+Full+Deficiency+Judgment&rft.date=2012-04-23&rft_id=http%3A%2F%2Fwww.natlawreview.com%2Farticle%2Fsupreme-court-missouri-upholds-lenders-rights-to-obtain-full-deficiency-judgment&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://capitalareaforeclosurenetwork.org/foreclosure-process/">"Foreclosure Timeline -"</a>. <i>Capital Area Foreclosure Network</i>. capitalareaforeclosurenetwork.org<span class="reference-accessdate">. Retrieved <span class="nowrap">2020-09-27</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Capital+Area+Foreclosure+Network&rft.atitle=Foreclosure+Timeline+-&rft_id=https%3A%2F%2Fcapitalareaforeclosurenetwork.org%2Fforeclosure-process%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://pubcit.typepad.com/clpblog/files/ForeclosureDismissal-Boyko.pdf">JUDGE CHRISTOPHER A. BOYKO, “UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF OHIO (EASTERN DIVISION)”, filed 10-31-2007</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080909210140/http://pubcit.typepad.com/clpblog/files/ForeclosureDismissal-Boyko.pdf">Archived</a> 2008-09-09 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Retrieved July 12, 2008</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMoore2008" class="citation news cs1">Moore, Rhonda (2008-06-20). <a rel="nofollow" class="external text" href="http://www.dcnewspress.com/site/tab11.cfm?newsid=19790666&BRD=2713&PAG=461&dept_id=559196&rfi=6">"The foreclosure fight is on"</a>. Douglas County News-Press<span class="reference-accessdate">. Retrieved <span class="nowrap">2008-07-12</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+foreclosure+fight+is+on&rft.date=2008-06-20&rft.aulast=Moore&rft.aufirst=Rhonda&rft_id=http%3A%2F%2Fwww.dcnewspress.com%2Fsite%2Ftab11.cfm%3Fnewsid%3D19790666%26BRD%3D2713%26PAG%3D461%26dept_id%3D559196%26rfi%3D6&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Block Colorado Foreclosure Blog www.blockcoloradoforeclosure.com</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><i>Apao v. Bank of New York</i>, 324 F.3d 1091 (9th Cir. 2003).</span> </li> <li id="cite_note-garfinkle-12"><span class="mw-cite-backlink">^ <a href="#cite_ref-garfinkle_12-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-garfinkle_12-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><i>Garfinkle v. Superior Court</i>, <a rel="nofollow" class="external text" href="http://online.ceb.com/CalCases/C3/21C3d268.htm">21 Cal. 3d 268</a> (1978). This was a decision of the <a href="/wiki/Supreme_Court_of_California" title="Supreme Court of California">Supreme Court of California</a> in favor of <a href="/wiki/Wells_Fargo" title="Wells Fargo">Wells Fargo</a>.</span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><i>I.E. Associates v. Safeco Title Ins. Co.</i>, <a rel="nofollow" class="external text" href="http://online.ceb.com/CalCases/C3/39C3d281.htm">39 Cal. 3d 281</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130906191724/http://online.ceb.com/CalCases/C3/39C3d281.htm">Archived</a> 2013-09-06 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (1985).</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.irs.gov/businesses/small/article/0,,id=108339,00.html">Notice of Federal Tax Lien — Internal Revenue Service United States Department of the Treasury</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120818090618/http://www.irs.gov/businesses/small/article/0,,id=108339,00.html">Archived</a> 2012-08-18 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Retrieved 16 March 2008</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">lawsuit and recordation of it in order to provide public notice of the pendency of the foreclosure action. In all U.S. jurisdictions a lender who conducts a foreclosure sale of real property which is the subject of a federal tax lien must give 25 days' notice of the sale to the <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a>: failure to give notice to the IRS results in the lien remaining attached to the real property after the sale. Therefore, it is imperative the lender search local federal tax liens so if parties involved in the foreclosure have a federal tax lien filed against them, the proper notice to the IRS is given. A detailed explanation by the IRS of the federal tax lien process can be found</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><i>Arnolds Management Corp. v. Eischen</i>, 158 Cal. App. 3d 575, 205 Cal. Rptr. 15 (1984).</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><i>Berry v. Government Nat. Mortgage Association</i>, 231 Ga. 503, 202 S.E.2d 450 (1973).</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><i>Ginther-Davis Ctr., Ltd. v. Houston Nat'l Bank</i>, 600 S.W.2d 856, 864 (Tex. Civ. App.-Houston [1st Dist.] 1980, writ ref'd n.r.e).</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><i>Nguyen v. Calhoun</i>, 105 Cal. App. 4th 428, 129 Cal. Rptr. 2d 436 (2003).</span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text">Grant S. Nelson and Dale A. Whitman, <i>Real Estate Finance Law</i>, 5th ed. (St. Paul: West, 2007), § 7.22 at 879.</span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><i>Price v. Wells Fargo Bank</i>, <a rel="nofollow" class="external text" href="http://online.ceb.com/CalCases/CA3/213CA3d465.htm">213 Cal. App. 3d 465</a>, 476, 261 Cal. Rptr. 735 (1989).</span> </li> <li id="cite_note-mn_faq-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-mn_faq_22-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20100131051943/http://www.lawlibrary.state.mn.us/creditriver.html">"Legal Topics: The Credit River Case"</a>. Minnesota State Law Library. Archived from <a rel="nofollow" class="external text" href="http://www.lawlibrary.state.mn.us/creditriver.html">the original</a> on 2010-01-31<span class="reference-accessdate">. Retrieved <span class="nowrap">2010-02-25</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Legal+Topics%3A+The+Credit+River+Case&rft.pub=Minnesota+State+Law+Library&rft_id=http%3A%2F%2Fwww.lawlibrary.state.mn.us%2Fcreditriver.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.moulinos.com/legal-update-peter-moulinos-foreclosure-summary-judgment-denied/">"Lender Denied Summary Judgment in Foreclosure – MOULINOS & ASSOCIATES Real Estate Attorney New York"</a>. <i>moulinos.com</i>. 10 February 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130910041849/http://www.moulinos.com/legal-update-peter-moulinos-foreclosure-summary-judgment-denied/">Archived</a> from the original on 10 September 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=moulinos.com&rft.atitle=Lender+Denied+Summary+Judgment+in+Foreclosure+%E2%80%93+MOULINOS+%26+ASSOCIATES+Real+Estate+Attorney+New+York&rft.date=2011-02-10&rft_id=http%3A%2F%2Fwww.moulinos.com%2Flegal-update-peter-moulinos-foreclosure-summary-judgment-denied%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20190809190445/https://rew-online.com/2016/10/opinion-recent-efforts-to-speed-up-foreclosure-proceedings-in-n-y/">"OPINION: Recent efforts to speed up foreclosure proceedings in N.Y. | Real Estate Weekly"</a>. Archived from <a rel="nofollow" class="external text" href="https://rew-online.com/2016/10/opinion-recent-efforts-to-speed-up-foreclosure-proceedings-in-n-y/">the original</a> on 2019-08-09<span class="reference-accessdate">. Retrieved <span class="nowrap">2019-08-09</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=OPINION%3A+Recent+efforts+to+speed+up+foreclosure+proceedings+in+N.Y.+%26%23124%3B+Real+Estate+Weekly&rft_id=https%3A%2F%2Frew-online.com%2F2016%2F10%2Fopinion-recent-efforts-to-speed-up-foreclosure-proceedings-in-n-y%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bhpp.com/new-yorks-new-foreclosure-statute-a-critical-analysis-danger-delay-expense-imprecision/">"New York's New Foreclosure Statute – A Critical Analysis – Danger, Delay, Expense, Imprecision"</a>. December 21, 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=New+York%27s+New+Foreclosure+Statute+%E2%80%93+A+Critical+Analysis+%E2%80%93+Danger%2C+Delay%2C+Expense%2C+Imprecision&rft.date=2009-12-21&rft_id=https%3A%2F%2Fwww.bhpp.com%2Fnew-yorks-new-foreclosure-statute-a-critical-analysis-danger-delay-expense-imprecision%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-Adelino2009-26"><span class="mw-cite-backlink">^ <a href="#cite_ref-Adelino2009_26-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Adelino2009_26-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Adelino et al. (2009). <a rel="nofollow" class="external text" href="http://www.bos.frb.org/economic/ppdp/2009/ppdp0904.pdf">Why Don’t Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures, and Securitization</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101225073004/http://www.bos.frb.org/economic/ppdp/2009/ppdp0904.pdf">Archived</a> 2010-12-25 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Federal Reserve Bank of Boston Discussion Paper.</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure/">"Avoiding Foreclosure"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120808105410/http://portal.hud.gov/hudportal/HUD?src=%2Ftopics%2Favoiding_foreclosure%2F">Archived</a> 2012-08-08 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <i>HUD.GOV</i>, July 20, 2012</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://oag.ca.gov/hbor">California Homeowner Bill of Rights</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120912124253/http://oag.ca.gov/hbor">Archived</a> 2012-09-12 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Reviewed 2013-07-20</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://journalistsresource.org/studies/economics/housing/post-foreclosure-experience-of-u-s-households">"Post-Foreclosure Experience of U.S. Households"</a>. Journalist's Resource.org. 6 September 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110929121335/http://journalistsresource.org/studies/economics/housing/post-foreclosure-experience-of-u-s-households/">Archived</a> from the original on 2011-09-29.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Post-Foreclosure+Experience+of+U.S.+Households&rft.pub=Journalist%27s+Resource.org&rft.date=2011-09-06&rft_id=http%3A%2F%2Fjournalistsresource.org%2Fstudies%2Feconomics%2Fhousing%2Fpost-foreclosure-experience-of-u-s-households&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span> Reviewed 2013-07-20</span> </li> <li id="cite_note-Allen-30"><span class="mw-cite-backlink">^ <a href="#cite_ref-Allen_30-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Allen_30-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Allen, R. Who Experiences Foreclosures? The Characteristics of Households Experiencing a Foreclosure in Minneapolis, Minnesota. Housing Studies, 26(6), 845–866.</span> </li> <li id="cite_note-Pollack-31"><span class="mw-cite-backlink">^ <a href="#cite_ref-Pollack_31-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Pollack_31-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Pollack, C., & Lynch, J. (2009). Health Status of People Undergoing Foreclosure in the Philadelphia Region. American Journal of Public Health, 99(10), 1833–1839.</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text">Les Christie, <a rel="nofollow" class="external text" href="https://money.cnn.com/2010/04/22/real_estate/foreclosure_credit_score/">"How foreclosure impacts your credit score"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120815090916/https://money.cnn.com/2010/04/22/real_estate/foreclosure_credit_score/">Archived</a> 2012-08-15 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <i>CNN Money</i>, April 22, 2012</span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAndrews2009" class="citation news cs1">Andrews, Edmund L. (2009-02-04). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2009/02/04/us/politics/04housing.html?adxnnl=1&adxnnlx=1323200944-ZaxvCHJppB7hsDNuoU9smg">"Both Parties Move to Aid Homeowners"</a>. <i>The New York Times</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170822062517/http://www.nytimes.com/2009/02/04/us/politics/04housing.html?adxnnl=1&adxnnlx=1323200944-ZaxvCHJppB7hsDNuoU9smg">Archived</a> from the original on 2017-08-22.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Both+Parties+Move+to+Aid+Homeowners&rft.date=2009-02-04&rft.aulast=Andrews&rft.aufirst=Edmund+L.&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2009%2F02%2F04%2Fus%2Fpolitics%2F04housing.html%3Fadxnnl%3D1%26adxnnlx%3D1323200944-ZaxvCHJppB7hsDNuoU9smg&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text">Associated Press. "Sharp Rise in Foreclosures as Banks Move in – Business – Real Estate – Msnbc.com." NBC News – Breaking News, Science and Tech News, World News, US News, Local News- NBC News. NBC News, 13 October 2011. Web. 4 December 2011.<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nbcnews.com/id/wbna44885991">"Sharp rise in foreclosures as banks move in"</a>. <i><a href="/wiki/NBC_News" title="NBC News">NBC News</a></i>. 13 October 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">2011-12-06</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=NBC+News&rft.atitle=Sharp+rise+in+foreclosures+as+banks+move+in&rft.date=2011-10-13&rft_id=https%3A%2F%2Fwww.nbcnews.com%2Fid%2Fwbna44885991&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span> NBC News.</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">Hoak, Amy. "Top 10 Cities Where Foreclosure Rates Are Highest – MarketWatch."MarketWatch – Stock Market Quotes, Business News, Financial News. The Wall Street Journal, 27 January 2011. Web. 4 December 2011.<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHoak" class="citation news cs1">Hoak, Amy. <a rel="nofollow" class="external text" href="http://www.marketwatch.com/story/top-10-cities-where-foreclosure-rates-are-highest-2011-01-27">"Top 10 cities where foreclosure rates are highest"</a>. <i>Marketwatch</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111206013058/http://www.marketwatch.com/story/top-10-cities-where-foreclosure-rates-are-highest-2011-01-27">Archived</a> from the original on 2011-12-06<span class="reference-accessdate">. Retrieved <span class="nowrap">2011-12-06</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Marketwatch&rft.atitle=Top+10+cities+where+foreclosure+rates+are+highest&rft.aulast=Hoak&rft.aufirst=Amy&rft_id=http%3A%2F%2Fwww.marketwatch.com%2Fstory%2Ftop-10-cities-where-foreclosure-rates-are-highest-2011-01-27&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span>.</span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://blog.4506-transcripts.com/2014/09/22/housing-market-recovery-myth-or-reality/">"Housing Market Recovery: Myth or Reality"</a>. <i>4506-transcripts.com</i>. 22 September 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141014075637/http://blog.4506-transcripts.com/2014/09/22/housing-market-recovery-myth-or-reality/">Archived</a> from the original on 14 October 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=4506-transcripts.com&rft.atitle=Housing+Market+Recovery%3A+Myth+or+Reality&rft.date=2014-09-22&rft_id=http%3A%2F%2Fblog.4506-transcripts.com%2F2014%2F09%2F22%2Fhousing-market-recovery-myth-or-reality%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-AP-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-AP_37-0">^</a></b></span> <span class="reference-text">Associated Press. "Sharp Rise in Foreclosures as Banks Move in – Business – Real Estate – Msnbc.com." NBC News – Breaking News, Science and Tech News, World News, US News, Local News- NBC News. NBC News, 13 October 2011. Web. 4 December 2011.<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.nbcnews.com/id/wbna44885991">"Sharp rise in foreclosures as banks move in"</a>. <i><a href="/wiki/NBC_News" title="NBC News">NBC News</a></i>. 13 October 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">2011-12-06</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=NBC+News&rft.atitle=Sharp+rise+in+foreclosures+as+banks+move+in&rft.date=2011-10-13&rft_id=https%3A%2F%2Fwww.nbcnews.com%2Fid%2Fwbna44885991&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span> nbc news, business-real estate; Reviewed 3013-07-20</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">Rogers, W. H., & Winter, W. (2009). The Impact of Foreclosures on Neighboring Housing Sales. Journal of Real Estate Research, 31(4), 455–479.</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text">Been, V., Ellen, I., Schwartz, A., Stiefel, L., & Weinstein, M. (2011). Foreclosure and kids: When losing your home means losing your school. United States, Washington: Poverty & Race Research Action Council. Retrieved from <a rel="nofollow" class="external autonumber" href="https://search.proquest.com/docview/861355145">[1]</a> proquest; fee required access</span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREF(eISB)" class="citation web cs1">(eISB), electronic Irish Statute Book. <a rel="nofollow" class="external text" href="http://www.irishstatutebook.ie/2009/en/act/pub/0027/index.html">"electronic Irish Statute Book (eISB)"</a>. <i>www.irishstatutebook.ie</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150426004920/http://www.irishstatutebook.ie/2009/en/act/pub/0027/index.html">Archived</a> from the original on 26 April 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.irishstatutebook.ie&rft.atitle=electronic+Irish+Statute+Book+%28eISB%29&rft.aulast=%28eISB%29&rft.aufirst=electronic+Irish+Statute+Book&rft_id=http%3A%2F%2Fwww.irishstatutebook.ie%2F2009%2Fen%2Fact%2Fpub%2F0027%2Findex.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBook_(eISB)" class="citation web cs1">Book (eISB), electronic Irish Statute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120119002511/http://www.irishstatutebook.ie/2009/en/act/pub/0034/sec0152.html">"electronic Irish Statute Book (eISB)"</a>. <i>www.irishstatutebook.ie</i>. Archived from <a rel="nofollow" class="external text" href="http://www.irishstatutebook.ie/eli/2009/act/34/section/152/enacted/en/html">the original</a> on January 19, 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.irishstatutebook.ie&rft.atitle=electronic+Irish+Statute+Book+%28eISB%29&rft.aulast=Book+%28eISB%29&rft.aufirst=electronic+Irish+Statute&rft_id=http%3A%2F%2Fwww.irishstatutebook.ie%2Feli%2F2009%2Fact%2F34%2Fsection%2F152%2Fenacted%2Fen%2Fhtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Pacific Rim Law and Policy Journal; vol 8 no. 3 page 516</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150715023254/https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Archived</a> 2015-07-15 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> -Retrieved 2013-07-21</span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Pacific Rim Law Policy Journal; vol 8 no.3 page 518</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150715023254/https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Archived</a> 2015-07-15 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> -Retrieved 2013-07-21</span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Pacific Rim Law Policy Journal; vol 8 No.3 page 558</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150715023254/https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Archived</a> 2015-07-15 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> -Retrieved 2013-07-20</span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Pacific Rim Law Policy Journal; vol 8 No.3 page 564</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150715023254/https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Archived</a> 2015-07-15 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Pacific Rim Law and Policy Journal; vol 8 no. 3 page 568 (b)</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150715023254/https://digital.lib.washington.edu/dspace-law/bitstream/handle/1773.1/840/8PacRimLPolyJ515.pdf?sequence=1">Archived</a> 2015-07-15 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> -Retrieved 2013-07-21</span> </li> <li id="cite_note-auto-47"><span class="mw-cite-backlink">^ <a href="#cite_ref-auto_47-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-auto_47-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFirm" class="citation web cs1">Firm, Joselito Guianan Chan, Managing Partner, Chan Robles and Associates Law. <a rel="nofollow" class="external text" href="http://www.chanrobles.com/specialcivilactions.htm#RULE+68">"1997 RULES OF CIVIL PROCEDURE – CHAN ROBLES VIRTUAL LAW LIBRARY"</a>. <i>www.chanrobles.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171221110413/http://www.chanrobles.com/specialcivilactions.htm#RULE+68">Archived</a> from the original on 21 December 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.chanrobles.com&rft.atitle=1997+RULES+OF+CIVIL+PROCEDURE+%E2%80%93+CHAN+ROBLES+VIRTUAL+LAW+LIBRARY&rft.aulast=Firm&rft.aufirst=Joselito+Guianan+Chan%2C+Managing+Partner%2C+Chan+Robles+and+Associates+Law&rft_id=http%3A%2F%2Fwww.chanrobles.com%2Fspecialcivilactions.htm%23RULE%2B68&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span><span class="cs1-maint citation-comment"><code class="cs1-code">{{<a href="/wiki/Template:Cite_web" title="Template:Cite web">cite web</a>}}</code>: CS1 maint: multiple names: authors list (<a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">link</a>)</span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.lawphil.net/courts/supreme/am/am_10_05_2001.html">"A.M. No. 99–10–05–0, August 7, 2001"</a>. <i>lawphil.net</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170903065458/http://www.lawphil.net/courts/supreme/am/am_10_05_2001.html">Archived</a> from the original on 3 September 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=lawphil.net&rft.atitle=A.M.+No.+99%E2%80%9310%E2%80%9305%E2%80%930%2C+August+7%2C+2001&rft_id=http%3A%2F%2Fwww.lawphil.net%2Fcourts%2Fsupreme%2Fam%2Fam_10_05_2001.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.lawphil.net/judjuris/juri1971/apr1971/gr_27132_1971.html">"Philippine National Bank vs. Manila Investment and Construction, Inc., 38 SCRA 462 (1971)"</a>. <i>lawphil.net</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170903064842/http://www.lawphil.net/judjuris/juri1971/apr1971/gr_27132_1971.html">Archived</a> from the original on 3 September 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=lawphil.net&rft.atitle=Philippine+National+Bank+vs.+Manila+Investment+and+Construction%2C+Inc.%2C+38+SCRA+462+%281971%29&rft_id=http%3A%2F%2Fwww.lawphil.net%2Fjudjuris%2Fjuri1971%2Fapr1971%2Fgr_27132_1971.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDaley2010" class="citation news cs1">Daley, Suzanne (October 27, 2010). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2010/10/28/world/europe/28spain.html">"Foreclosure in Spain Can Mean Lifetime Debt to Bank"</a>. <i>The New York Times</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120225091135/http://www.nytimes.com/2010/10/28/world/europe/28spain.html">Archived</a> from the original on February 25, 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">December 4,</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Foreclosure+in+Spain+Can+Mean+Lifetime+Debt+to+Bank&rft.date=2010-10-27&rft.aulast=Daley&rft.aufirst=Suzanne&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2010%2F10%2F28%2Fworld%2Feurope%2F28spain.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://topspanishhomes.com/news/banks-spain-are-eager-get-rid-foreclosures">"Banks in Spain Are Eager to Get Rid of Foreclosures"</a>. <i>topspanishhomes.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140502015553/http://topspanishhomes.com/news/banks-spain-are-eager-get-rid-foreclosures">Archived</a> from the original on 2 May 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=topspanishhomes.com&rft.atitle=Banks+in+Spain+Are+Eager+to+Get+Rid+of+Foreclosures&rft_id=http%3A%2F%2Ftopspanishhomes.com%2Fnews%2Fbanks-spain-are-eager-get-rid-foreclosures&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.thenation.com/article/fighting-foreclosure-south-africa/">Fighting Foreclosure in South Africa</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161221150900/https://www.thenation.com/article/fighting-foreclosure-south-africa/">Archived</a> 2016-12-21 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> April 7, 2009</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://archive.today/20130721174433/http://antieviction.org.za/related-writing-and-resources/housing-battles-in-post-apartheid-south-africa-the-case-of-mandela-park-khayelitsha/Housing">"battles in post-Apartheid South Africa: The Case of Mandela Park, Khayelitsha"</a>. <i>antieviction.org.za</i>. Archived from <a rel="nofollow" class="external text" href="http://antieviction.org.za/related-writing-and-resources/housing-battles-in-post-apartheid-south-africa-the-case-of-mandela-park-khayelitsha/Housing">the original</a> on 21 July 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">8 May</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=antieviction.org.za&rft.atitle=battles+in+post-Apartheid+South+Africa%3A+The+Case+of+Mandela+Park%2C+Khayelitsha&rft_id=http%3A%2F%2Fantieviction.org.za%2Frelated-writing-and-resources%2Fhousing-battles-in-post-apartheid-south-africa-the-case-of-mandela-park-khayelitsha%2FHousing&rfr_id=info%3Asid%2Fen.wikipedia.org%3AForeclosure" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=33" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/38px-Wikisource-logo.svg.png" decoding="async" width="38" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/57px-Wikisource-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Wikisource-logo.svg/76px-Wikisource-logo.svg.png 2x" data-file-width="410" data-file-height="430" /></span></span></div> <div class="side-box-text plainlist"><a href="/wiki/Wikisource" title="Wikisource">Wikisource</a> has the text of the <a href="/wiki/Encyclop%C3%A6dia_Britannica_Eleventh_Edition" title="Encyclopædia Britannica Eleventh Edition">1911 <i>Encyclopædia Britannica</i></a> article "<span style="font-weight:bold;"><a href="https://en.wikisource.org/wiki/1911_Encyclop%C3%A6dia_Britannica/Foreclosure" class="extiw" title="wikisource:1911 Encyclopædia Britannica/Foreclosure">Foreclosure</a></span>".</div></div> </div> <ul><li>Jones, Katie. <a rel="nofollow" class="external text" href="https://fas.org/sgp/crs/misc/R40210.pdf">Preserving Homeownership: Foreclosure Prevention Initiatives</a> <a href="/wiki/Congressional_Research_Service" title="Congressional Research Service">Congressional Research Service</a></li> <li>Rhodes, Trevor. <i>American Foreclosure: Everything U Need to Know about Preventing and Buying</i>. 348 pages. <a href="/wiki/McGraw-Hill" class="mw-redirect" title="McGraw-Hill">McGraw-Hill</a>, April, 2008. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-07-159058-7" title="Special:BookSources/0-07-159058-7">0-07-159058-7</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Foreclosure&action=edit&section=34" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></a></span> Media related to <a href="https://commons.wikimedia.org/wiki/Category:Foreclosure" class="extiw" title="commons:Category:Foreclosure">Foreclosure</a> at Wikimedia Commons </p> <ul><li><a rel="nofollow" class="external text" href="https://axj.nu">Americans Against Foreclosures</a></li></ul> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output .navbox-list{line-height:1.5em;border-color:#fdfdfd}.mw-parser-output .navbox-list-with-group{text-align:left;border-left-width:2px;border-left-style:solid}.mw-parser-output tr+tr>.navbox-abovebelow,.mw-parser-output tr+tr>.navbox-group,.mw-parser-output tr+tr>.navbox-image,.mw-parser-output tr+tr>.navbox-list{border-top:2px solid #fdfdfd}.mw-parser-output .navbox-title{background-color:#ccf}.mw-parser-output .navbox-abovebelow,.mw-parser-output .navbox-group,.mw-parser-output .navbox-subgroup .navbox-title{background-color:#ddf}.mw-parser-output .navbox-subgroup .navbox-group,.mw-parser-output .navbox-subgroup .navbox-abovebelow{background-color:#e6e6ff}.mw-parser-output .navbox-even{background-color:#f7f7f7}.mw-parser-output .navbox-odd{background-color:transparent}.mw-parser-output .navbox .hlist td dl,.mw-parser-output .navbox .hlist td ol,.mw-parser-output .navbox .hlist td ul,.mw-parser-output .navbox td.hlist dl,.mw-parser-output .navbox td.hlist ol,.mw-parser-output .navbox td.hlist ul{padding:0.125em 0}.mw-parser-output .navbox .navbar{display:block;font-size:100%}.mw-parser-output .navbox-title .navbar{float:left;text-align:left;margin-right:0.5em}body.skin--responsive .mw-parser-output .navbox-image img{max-width:none!important}@media print{body.ns-0 .mw-parser-output .navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Real_estate" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Real_estate" title="Template:Real estate"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Real_estate" title="Template talk:Real estate"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Real_estate" title="Special:EditPage/Template:Real estate"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Real_estate" style="font-size:114%;margin:0 4em"><a href="/wiki/Real_estate" title="Real estate">Real estate</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Property" title="Property">Property</a></li> <li><a href="/wiki/Tertiary_sector_of_the_economy" title="Tertiary sector of the economy">Tertiary sector of the economy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By location</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Real_estate_in_Bangladesh" title="Real estate in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Real_estate_in_Canada" class="mw-redirect" title="Real estate in Canada">Canada</a></li> <li><a href="/wiki/Real_estate_in_China" title="Real estate in China">China</a></li> <li><a href="/wiki/Real_estate_in_Indonesia" class="mw-redirect" title="Real estate in Indonesia">Indonesia</a></li> <li><a href="/wiki/Real_estate_in_Italy" title="Real estate in Italy">Italy</a></li> <li><a href="/wiki/Real_estate_in_Turkey" class="mw-redirect" title="Real estate in Turkey">Turkey</a></li> <li><a href="/wiki/Real_estate_in_Kenya" title="Real estate in Kenya">Kenya</a></li> <li><a href="/wiki/Real_estate_in_Pakistan" title="Real estate in Pakistan">Pakistan</a></li> <li><a href="/wiki/Real_estate_in_Panama" title="Real estate in Panama">Panama</a></li> <li><a href="/wiki/Real_estate_in_Puerto_Rico" title="Real estate in Puerto Rico">Puerto Rico</a></li> <li><a href="/wiki/Real_estate_in_Russia" class="mw-redirect" title="Real estate in Russia">Russia</a></li> <li><a href="/wiki/Real_estate_in_Saudi_Arabia" class="mw-redirect" title="Real estate in Saudi Arabia">Saudi Arabia</a></li> <li><a href="/wiki/Real_estate_in_the_United_Arab_Emirates" class="mw-redirect" title="Real estate in the United Arab Emirates">United Arab Emirates</a></li> <li><a href="/wiki/Real_estate_in_the_United_Kingdom" title="Real estate in the United Kingdom">United Kingdom</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Commercial_property" title="Commercial property">Commercial property</a> <ul><li><a href="/wiki/Commercial_building" class="mw-redirect" title="Commercial building">Commercial building</a></li></ul></li> <li><a href="/wiki/Corporate_Real_Estate" class="mw-redirect" title="Corporate Real Estate">Corporate Real Estate</a></li> <li><a href="/wiki/Extraterrestrial_real_estate" title="Extraterrestrial real estate">Extraterrestrial real estate</a></li> <li><a href="/wiki/International_real_estate" title="International real estate">International real estate</a></li> <li><a href="/wiki/Lease_administration" title="Lease administration">Lease administration</a></li> <li><a href="/wiki/Niche_real_estate" title="Niche real estate">Niche real estate</a> <ul><li><a href="/wiki/Garden_real_estate" class="mw-redirect" title="Garden real estate">Garden real estate</a></li> <li><a href="/wiki/Healthcare_real_estate" title="Healthcare real estate">Healthcare real estate</a></li> <li><a href="/wiki/Vacation_property" class="mw-redirect" title="Vacation property">Vacation property</a></li> <li><a href="/wiki/Arable_land" title="Arable land">Arable land</a></li> <li><a href="/wiki/Golf_property" title="Golf property">Golf property</a></li> <li><a href="/wiki/Luxury_real_estate" class="mw-redirect" title="Luxury real estate">Luxury real estate</a></li></ul></li> <li><a href="/wiki/Off-plan_property" title="Off-plan property">Off-plan property</a></li> <li><a href="/wiki/Private_equity_real_estate" title="Private equity real estate">Private equity real estate</a></li> <li><a href="/wiki/Real_estate_owned" title="Real estate owned">Real estate owned</a></li> <li><a href="/wiki/Residential_property" class="mw-redirect" title="Residential property">Residential property</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Sectors</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Property_management" title="Property management">Property management</a></li> <li><a href="/wiki/Real_estate_development" title="Real estate development">Real estate development</a></li> <li><a href="/wiki/Real_estate_investing" title="Real estate investing">Real estate investing</a></li> <li><a href="/wiki/Flipping" title="Flipping">Real estate flipping</a></li> <li><a href="/wiki/Relocation_service" title="Relocation service">Relocation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Property_law" title="Property law">Law</a> and regulation</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Adverse_possession" title="Adverse possession">Adverse possession</a></li> <li><a href="/wiki/Chain_of_title" title="Chain of title">Chain of title</a></li> <li><a href="/wiki/Closing_(real_estate)" title="Closing (real estate)">Closing</a></li> <li><a href="/wiki/Concurrent_estate" title="Concurrent estate">Concurrent estate</a></li> <li><a href="/wiki/Conditional_sale" title="Conditional sale">Conditional sale</a></li> <li><a href="/wiki/Conveyancing" title="Conveyancing">Conveyancing</a></li> <li><a href="/wiki/Deed" title="Deed">Deed</a></li> <li><a href="/wiki/Eminent_domain" title="Eminent domain">Eminent domain</a></li> <li><a href="/wiki/Encumbrance" title="Encumbrance">Encumbrance</a></li> <li><a class="mw-selflink selflink">Foreclosure</a></li> <li><a href="/wiki/Land_law" title="Land law">Land law</a></li> <li><a href="/wiki/Land_registration" title="Land registration">Land registration</a></li> <li><a href="/wiki/Leasehold_estate" title="Leasehold estate">Leasehold estate</a> <ul><li><a href="/wiki/Lease" title="Lease">Lease</a></li></ul></li> <li><a href="/wiki/Property_abstract" title="Property abstract">Property abstract</a></li> <li><a href="/wiki/Real_estate_transaction" title="Real estate transaction">Real estate transaction</a> <ul><li><a href="/wiki/Real_estate_contract" title="Real estate contract">Real estate contract</a></li></ul></li> <li><a href="/wiki/Real_property" title="Real property">Real property</a></li> <li><a href="/wiki/Rent_regulation" title="Rent regulation">Rent regulation</a></li> <li><a href="/wiki/Severance_(land)" title="Severance (land)">Severance</a></li> <li><a href="/wiki/Torrens_title" title="Torrens title">Torrens title</a></li> <li><a href="/wiki/Zoning" title="Zoning">Zoning</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Economics, financing<br />and valuation</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Asset-based_lending" title="Asset-based lending">Asset-based lending</a></li> <li><a href="/wiki/Capitalization_rate" title="Capitalization rate">Capitalization rate</a></li> <li><a href="/wiki/Effective_gross_income" title="Effective gross income">Effective gross income</a></li> <li><a href="/wiki/Gross_rent_multiplier" title="Gross rent multiplier">Gross rent multiplier</a></li> <li><a href="/wiki/Hard_money_loan" title="Hard money loan">Hard money loan</a></li> <li><a href="/wiki/Highest_and_best_use" title="Highest and best use">Highest and best use</a></li> <li><a href="/wiki/Home_equity_loan" title="Home equity loan">Home equity loan</a></li> <li><a href="/wiki/Investment_rating_for_real_estate" title="Investment rating for real estate">Investment rating for real estate</a></li> <li><a href="/wiki/Mortgage_insurance" title="Mortgage insurance">Mortgage insurance</a></li> <li><a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">Mortgage loan</a></li> <li><a href="/wiki/Real_estate_derivative" title="Real estate derivative">Real estate derivative</a></li> <li><a href="/wiki/Real_estate_economics" title="Real estate economics">Real estate economics</a></li> <li><a href="/wiki/Real_estate_bubble" class="mw-redirect" title="Real estate bubble">Real estate bubble</a></li> <li><a href="/wiki/Real_estate_valuation" class="mw-redirect" title="Real estate valuation">Real estate valuation</a></li> <li><a href="/wiki/Remortgage" title="Remortgage">Remortgage</a></li> <li><a href="/wiki/Rental_value" title="Rental value">Rental value</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Parties</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Real_estate_appraisal" title="Real estate appraisal">Appraiser</a></li> <li><a href="/wiki/Buyer_agent" class="mw-redirect" title="Buyer agent">Buyer agent</a></li> <li><a href="/wiki/Buyer_broker" class="mw-redirect" title="Buyer broker">Buyer broker</a></li> <li><a href="/wiki/Chartered_Surveyor" title="Chartered Surveyor">Chartered Surveyor</a></li> <li><a href="/wiki/Exclusive_buyer_agent" title="Exclusive buyer agent">Exclusive buyer agent</a></li> <li><a href="/wiki/Land_banking" title="Land banking">Land banking</a></li> <li><a href="/wiki/Landlord" title="Landlord">Landlord</a></li> <li><a href="/wiki/Moving_company" title="Moving company">Moving company</a></li> <li><a href="/wiki/Property_manager" title="Property manager">Property manager</a></li> <li><a href="/wiki/Real_estate_agent" title="Real estate agent">Real estate broker</a></li> <li><a href="/wiki/Real_estate_investment_club" title="Real estate investment club">Real estate investment club</a></li> <li><a href="/wiki/Real_estate_investment_trust" title="Real estate investment trust">Real estate investment trust</a></li> <li><a href="/wiki/Real_property_administrator" class="mw-redirect" title="Real property administrator">Real property administrator</a></li> <li><a href="/wiki/Leasehold_estate" title="Leasehold estate">Tenant</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Category:Real_estate_companies" title="Category:Real estate companies">Companies</a></li> <li><a href="/wiki/Eviction" title="Eviction">Eviction</a></li> <li><a href="/wiki/Filtering_(housing)" title="Filtering (housing)">Filtering</a></li> <li><a href="/wiki/Gentrification" title="Gentrification">Gentrification</a></li> <li><a href="/wiki/Graduate_real_estate_education" class="mw-redirect" title="Graduate real estate education">Graduate real estate education</a></li> <li><a href="/wiki/Green_belt" title="Green belt">Green belt</a></li> <li><a href="/wiki/Category:Real_estate_indices" title="Category:Real estate indices">Indices</a></li> <li><a href="/wiki/Category:Real_estate_industry_trade_groups" title="Category:Real estate industry trade groups">Industry trade groups</a></li> <li><a href="/wiki/List_of_real_estate_investment_firms" title="List of real estate investment firms">Investment firms</a></li> <li><a href="/wiki/Land_banking" title="Land banking">Land banking</a></li> <li><a href="/wiki/Category:Businesspeople_in_real_estate" title="Category:Businesspeople in real estate">People</a></li> <li><a href="/wiki/Property_cycle" title="Property cycle">Property cycle</a></li> <li><a href="/wiki/Real_estate_trends" title="Real estate trends">Real estate trends</a></li> <li><a href="/wiki/Undergraduate_real_estate_programs" class="mw-redirect" title="Undergraduate real estate programs">Undergraduate real estate programs</a></li> <li><a href="/wiki/Urban_decay" title="Urban decay">Urban decay</a></li> <li><a href="/wiki/Urban_planning" title="Urban planning">Urban planning</a></li> <li><a href="/wiki/List_of_housing_markets_by_real_estate_prices" class="mw-redirect" title="List of housing markets by real estate prices">List of housing markets by real estate prices</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li> <span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Real_estate" title="Category:Real estate">Category</a></b></li> <li> <span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <a href="https://commons.wikimedia.org/wiki/Category:Realty" class="extiw" title="commons:Category:Realty"><b>Commons</b></a></li> <li> <span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Index_of_real_estate_articles" title="Index of real estate articles">List of topics</a></b></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q231710#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q231710#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q231710#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/sh85050487">United States</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.ndl.go.jp/auth/ndlna/00567274">Japan</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://catalog.archives.gov/id/10643891">NARA</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Foreclosure&oldid=1256343096">https://en.wikipedia.org/w/index.php?title=Foreclosure&oldid=1256343096</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Foreclosure" title="Category:Foreclosure">Foreclosure</a></li><li><a href="/wiki/Category:Mortgage" title="Category:Mortgage">Mortgage</a></li><li><a href="/wiki/Category:Financial_problems" title="Category:Financial problems">Financial problems</a></li><li><a href="/wiki/Category:United_States_housing_bubble" title="Category:United States housing bubble">United States housing bubble</a></li><li><a href="/wiki/Category:Urban_decay" title="Category:Urban decay">Urban decay</a></li><li><a href="/wiki/Category:Real_property_law" title="Category:Real property law">Real property law</a></li><li><a href="/wiki/Category:Governmental_auctions" title="Category:Governmental auctions">Governmental auctions</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:Webarchive_template_wayback_links" title="Category:Webarchive template wayback links">Webarchive template wayback links</a></li><li><a href="/wiki/Category:CS1_maint:_multiple_names:_authors_list" title="Category:CS1 maint: multiple names: authors list">CS1 maint: multiple names: authors list</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li><li><a href="/wiki/Category:Articles_with_limited_geographic_scope_from_April_2019" title="Category:Articles with limited geographic scope from April 2019">Articles with limited geographic scope from April 2019</a></li><li><a href="/wiki/Category:United_States-centric" title="Category:United States-centric">United States-centric</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_November_2013" title="Category:Articles needing additional references from November 2013">Articles needing additional references from November 2013</a></li><li><a href="/wiki/Category:All_articles_needing_additional_references" title="Category:All articles needing additional references">All articles needing additional references</a></li><li><a href="/wiki/Category:All_articles_with_unsourced_statements" title="Category:All articles with unsourced statements">All articles with unsourced statements</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_November_2011" title="Category:Articles with unsourced statements from November 2011">Articles with unsourced statements from November 2011</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_October_2009" title="Category:Articles with unsourced statements from October 2009">Articles with unsourced statements from October 2009</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_April_2020" title="Category:Articles with unsourced statements from April 2020">Articles with unsourced statements from April 2020</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_June_2015" title="Category:Articles needing additional references from June 2015">Articles needing additional references from June 2015</a></li><li><a href="/wiki/Category:Articles_with_unsourced_statements_from_April_2012" title="Category:Articles with unsourced statements from April 2012">Articles with unsourced statements from April 2012</a></li><li><a href="/wiki/Category:All_articles_with_minor_POV_problems" title="Category:All articles with minor POV problems">All articles with minor POV problems</a></li><li><a href="/wiki/Category:Articles_with_minor_POV_problems_from_April_2012" title="Category:Articles with minor POV problems from April 2012">Articles with minor POV problems from April 2012</a></li><li><a href="/wiki/Category:Articles_needing_additional_references_from_December_2016" title="Category:Articles needing additional references from December 2016">Articles needing additional references from December 2016</a></li><li><a href="/wiki/Category:Commons_category_link_from_Wikidata" title="Category:Commons category link from Wikidata">Commons category link from Wikidata</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 9 November 2024, at 13:17<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. By using this site, you agree to the <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use" class="extiw" title="foundation:Special:MyLanguage/Policy:Terms of Use">Terms of Use</a> and <a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy" class="extiw" title="foundation:Special:MyLanguage/Policy:Privacy policy">Privacy Policy</a>. Wikipedia® is a registered trademark of the <a rel="nofollow" class="external text" href="https://wikimediafoundation.org/">Wikimedia Foundation, Inc.</a>, a non-profit organization.</li> </ul> <ul id="footer-places"> <li id="footer-places-privacy"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy">Privacy policy</a></li> <li id="footer-places-about"><a href="/wiki/Wikipedia:About">About Wikipedia</a></li> <li id="footer-places-disclaimers"><a href="/wiki/Wikipedia:General_disclaimer">Disclaimers</a></li> <li id="footer-places-contact"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us">Contact Wikipedia</a></li> <li id="footer-places-wm-codeofconduct"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct">Code of Conduct</a></li> <li id="footer-places-developers"><a href="https://developer.wikimedia.org">Developers</a></li> <li id="footer-places-statslink"><a href="https://stats.wikimedia.org/#/en.wikipedia.org">Statistics</a></li> <li id="footer-places-cookiestatement"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement">Cookie statement</a></li> <li id="footer-places-mobileview"><a href="//en.m.wikipedia.org/w/index.php?title=Foreclosure&mobileaction=toggle_view_mobile" class="noprint stopMobileRedirectToggle">Mobile view</a></li> </ul> <ul id="footer-icons" class="noprint"> <li id="footer-copyrightico"><a href="https://wikimediafoundation.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/static/images/footer/wikimedia-button.svg" width="84" height="29" alt="Wikimedia Foundation" loading="lazy"></a></li> <li id="footer-poweredbyico"><a href="https://www.mediawiki.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/w/resources/assets/poweredby_mediawiki.svg" alt="Powered by MediaWiki" width="88" height="31" loading="lazy"></a></li> </ul> </footer> </div> </div> </div> <div class="vector-settings" id="p-dock-bottom"> <ul></ul> </div><script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-f69cdc8f6-pqfbt","wgBackendResponseTime":155,"wgPageParseReport":{"limitreport":{"cputime":"0.717","walltime":"0.901","ppvisitednodes":{"value":4461,"limit":1000000},"postexpandincludesize":{"value":137766,"limit":2097152},"templateargumentsize":{"value":11038,"limit":2097152},"expansiondepth":{"value":18,"limit":100},"expensivefunctioncount":{"value":15,"limit":500},"unstrip-depth":{"value":1,"limit":20},"unstrip-size":{"value":150089,"limit":5000000},"entityaccesscount":{"value":1,"limit":400},"timingprofile":["100.00% 747.535 1 -total"," 14.19% 106.058 5 Template:Cite_news"," 12.62% 94.357 1 Template:Auction"," 12.20% 91.208 1 Template:Sidebar"," 10.55% 78.888 1 Template:Short_description"," 8.71% 65.113 18 Template:Cite_web"," 7.42% 55.433 4 Template:Ambox"," 7.27% 54.336 7 Template:Fix"," 7.06% 52.775 5 Template:Citation_needed"," 6.88% 51.465 1 Template:Globalize"]},"scribunto":{"limitreport-timeusage":{"value":"0.386","limit":"10.000"},"limitreport-memusage":{"value":7629026,"limit":52428800}},"cachereport":{"origin":"mw-web.codfw.main-f69cdc8f6-gflb9","timestamp":"20241122141604","ttl":2592000,"transientcontent":false}}});});</script> <script type="application/ld+json">{"@context":"https:\/\/schema.org","@type":"Article","name":"Foreclosure","url":"https:\/\/en.wikipedia.org\/wiki\/Foreclosure","sameAs":"http:\/\/www.wikidata.org\/entity\/Q231710","mainEntity":"http:\/\/www.wikidata.org\/entity\/Q231710","author":{"@type":"Organization","name":"Contributors to Wikimedia projects"},"publisher":{"@type":"Organization","name":"Wikimedia Foundation, Inc.","logo":{"@type":"ImageObject","url":"https:\/\/www.wikimedia.org\/static\/images\/wmf-hor-googpub.png"}},"datePublished":"2004-04-14T06:15:33Z","dateModified":"2024-11-09T13:17:27Z","image":"https:\/\/upload.wikimedia.org\/wikipedia\/commons\/8\/8f\/Foreclosedhome.JPG","headline":"legal process in which a lender attempts to recover the balance of a loan from a borrower"}</script> </body> </html>