| A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC |
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Michigan |
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means possession by a lender of a property on which it has foreclosed on a security interest or the expiration of a lawful redemption period, whichever occurs first Michigan Laws 324.20101 |
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Montana |
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means acquisition of title to property through foreclosure, purchase at foreclosure sale, assignment or acquisition of title in lieu of foreclosure, repossession in the case of a lease financing transaction, or acquisition of a right to title or other agreement in full or partial settlement of a loan obligation Montana Code 75-10-701 |
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Washington |
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means a forfeiture or judicial or nonjudicial foreclosure of a mortgage, deed of trust, or real estate contract, or a deed in lieu thereof Washington Code 58.19.020 |
