# Foreclosure

**IRI:** https://folio.openlegalstandard.org/RsCr2ffuxk4pqU5CQ8SAxq

## Labels

## Definition

Foreclosure is the legal process by which a lender takes possession of a property, generally after the borrower fails to meet the financial obligations outlined in the mortgage agreement. The process usually culminates in the sale of the property, with the proceeds used to pay off the outstanding debt and any associated costs.

## Sub Class Of

- https://folio.openlegalstandard.org/R9pQxz2fUIrk1LjvVP8hikg
- https://folio.openlegalstandard.org/RDKm1RXP9FfvhLzWjynAfpS
- https://folio.openlegalstandard.org/RDSBerlLWg1ntpLqDQn1eVn

## Parent Class Of

- https://folio.openlegalstandard.org/R7gzXxHYGOLSEudb6n1QFWm
- https://folio.openlegalstandard.org/R7sMdOVdcVJ90TomMNzEkuC
- https://folio.openlegalstandard.org/R8JAi8C4J0QARz3c14SHh3I
- https://folio.openlegalstandard.org/RC3e5wjlKsjPKT8crKFSdIf
- https://folio.openlegalstandard.org/RDbwTZhFW2BCJ7Svgudx63U
- https://folio.openlegalstandard.org/RXhRW62NYQ5imtM7qjDgH0

## See Also

- https://folio.openlegalstandard.org/RUhSbbDJZa8Crs3tIWcIfV

**Deprecated:** False