Pre-foreclosure sale.

Pre-foreclosure sale. A sale of property in which the lender and borrower agree to accept the proceeds of the sale to satisfy a defaulted mortgage, even though this may be less than the amount owed on the mortgage, in order to avoid foreclosing on the property.

Source

7 CFR § 3555.10

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Scoping language

The definitions and abbreviations in this section apply to this part.

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