Hud vs. Foreclosure

Hudnoun

A huck or hull, as of a nut.

Foreclosurenoun

(legal) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments

Hudnoun

A huck or hull, as of a nut.

Foreclosurenoun

(psychoanalysis) The absence of a symbolic father for a fatherless child, as a cause for psychosis.

Hudnoun

the United States federal department that administers federal programs dealing with better housing and urban renewal; created in 1965

Foreclosurenoun

The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager's right of redeeming a mortgaged estate.

Foreclosurenoun

the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default

Foreclosure

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt.