Foreclosure is the legal process through which a lender attempts to recover the remaining balance on a loan from a borrower who has stopped making payments, typically by selling the asset used as collateral.
A foreclosure sale is the public auction of a mortgaged property following the foreclosure of the loan secured by that property. This process is designed to recoup the unpaid loan balance through the sale of the collateral property.
Statutory foreclosure is a foreclosure process that is conducted according to statutory laws, without supervision by the courts. This is in contrast to judicial foreclosure, which involves court intervention and oversight.
