Legal definition of foreclosure sale
Commercial Real Estate Legal Terminology

foreclosure sale

1
When a homeowner is about 60 days past due on his/her mortgage payment, the lender (bank) might want to repossess the house to satisfy the outstanding debt. A Notice of Default is sent to the homeowner and that is how the foreclosure begins.

After receipt of a Notice of Default a homeowner has certain time to pay the amount owed to the bank, or may attempt to sell the house/apartment. If neither is done the lender (bank) may sell the house at public auction.

Some states allow redemption period. Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process.

Some states, such as New York, Pennsylvania, or Oklahoma, do not recognize redemption right.
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