the legal right of a lender of money if the borrower fails to repay the money or part of it on the due date. The lender must apply to a court to be permitted to sell the property that has been held as security for the debt. The court will order a new date for payment in an order called a foreclosure nisi. If the borrower again fails to pay, the lender may sell the property.
The process by which a lender sells property securing a loan in order to repay the loan. Under a DEED OF TRUST , foreclosure is by public auction after appropriate advertisement. A MORTGAGE may require the lender to obtain Court approval prior to sale.
