StopForeclosureNow.com - Stop Foreclosure Definition
Foreclosure is the legal means by which a bank or other secured creditor sells or repossesses your home or a piece of real property due to your default on its promissory note. When your house is foreclosed on, you must move out and it is usually sold at public auction. When the foreclosure process is complete, it is typically said that 'the lender has foreclosed its mortgage or lien.' "
