Auction vs. Foreclosure

Auctionnoun

A public event where goods or property are sold to the highest bidder.

Auctionnoun

(bridge) The first stage of a deal, in which players bid to determine the final contract.

Auctionverb

To sell at an auction.

Auctionnoun

A public sale of property to the highest bidder, esp. by a person licensed and authorized for the purpose; a vendue.

Auctionnoun

The things sold by auction or put up to auction.

Auctionverb

To sell by auction.

Auctionnoun

a variety of bridge in which tricks made in excess of the contract are scored toward game; now generally superseded by contract bridge

Auctionnoun

the public sale of something to the highest bidder

Auctionverb

sell at an auction

Auction

An auction is usually a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different types.

Foreclosurenoun

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

Foreclosurenoun

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

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.