"Foreclosure proceedings" refers to the legal process that occurs when a person or entity defaults on their mortgage loan. It involves the lender taking legal action to repossess and sell the property to recover the outstanding debt. Full definition
The government offered incentives to various financial institutions to encourage them to assist borrowers, wrapped in foreclosure proceedings, to keep their homes. (badcreditloanservices.com)
The financial institution that has initiated foreclosure proceedings usually will set the bid price at the loan amount. (bobshallow.net)
Rules vary by state, but typically if you fall 60 days behind in your mortgage payments, lenders can start foreclosure proceedings against you. (veteransunited.com)