Examlex
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Economize
The action of reducing expenditure or efficiently managing resources to avoid waste and save money.
Foreclose
The legal process by which a lender takes control of a property from a borrower due to failure to meet the repayment terms of a loan.
Defaulted
Defaulted refers to the failure to fulfill an obligation, especially the failure to repay a loan on time or to meet a contractual condition, leading to possible legal penalties or loss of rights.
Equity of Redemption
The right of a mortgagor to reclaim property on which a mortgage exists by repaying the debt before a foreclosure sale.
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