Abandonment

In real estate terms, this is when the homeowner leaves the property with no sign of returning. For example, if the owners of a home pack up all of their belongings, stop making payments on the home, and simply leave the home, then abandonment has occured.

In such case, the lender will usually foreclose on the home as quickly as possible and sell it through auction (since there is obviously no point in working with the homeowner on getting caught up with the mortgage payment).

You'll find more foreclosure lingo and definitions in our helpful glossary.