Related Definitions
What is a Foreclosure Sale?
When someone fails to pay their property taxes, the property may be seized by the city or county government and put up for auction if the proper procedural steps are followed.
The legal process by which a lender forces a sale of a property to recover the amount owed on a mortgage when the borrower defaults on their loan obligations. Foreclosure sales can significantly impact estate administration, especially if the decedent owned real estate with outstanding mortgages. Understanding the foreclosure process and its implications is essential for executors and beneficiaries to navigate potential challenges related to property ownership and distribution during probate.
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