foreclosure
The legal system surrounding the recovery of a loan or debt which a debtor or borrower has not completed the payments of and of which payments have been neglected by enforcing the sale of assets which were used as collateral for the loan.
Also called: mortgage foreclosure, legal enforcement, distraint, foreclosures, foreclosure proceedings, market foreclosure
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Essential for
1Definition from ESCO, published by the European Commission. Source concept
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