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foreclose on |
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foreclose on something to take the property on which a mortgage is held; to satisfy an unpaid loan by taking ownership of the property put up for security on the loan. If you don't pay, we will be forced to foreclose on your house. The bank foreclosed on our property. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Lenders must file a default notice in the County Clerk's Office to foreclose on a property. BancorpSouth Bank, the successor to American State Bank, is seeking to foreclose on the grass farm because Gravis defaulted on loans totaling $885,639, according to its lawsuit filed in Pulaski County Circuit Court. It also could give banks an incentive to foreclose on homes by subsidizing purchases of such properties. |
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