FORECLOSURE SALE, the sale of property conducted pursuant to the foreclosure clauses of a mortgage upon the prop erty. When property is sold under foreclosure proceedings the proceeds are applied first. to the legal expenses of the sale, then to the principal of the debt on account of which the sale was brought about ; the remainder, if any, reverts to the mortgagor, i.e., the former owner of the property which was disposed of. (See FORECLOSURE.)