Foreclosed Law and Legal Definition
According to 7 CFR 761.2 [Title 7 – Agriculture; Subtitle B -- Regulations of The Department of Agriculture; Chapter VII -Farm Service Agency, Department of Agriculture; Subchapter D-Special Programs; Part 761- General Program Administration; Subpart A -General Provisions], foreclosed is “the completed act of selling security either under the power of sale in the security instrument or through judicial proceedings.”
