Foreclosure

What is foreclosure?

Foreclosure Definition: Foreclosure refers to the legal process of recovering an amount owed by a loan in default or attempting to recover this value by taking ownership of an asset. This is often done by taking ownership of a house or property, and it occurs when a borrower misses a series of payments without recourse or amendment to repay the loan.

Sometimes, a home is re-possessed if a borrower can’t make mortgage payments. The legal process for initiating a foreclosure varies from one country to another, and often depends on the number of payments missed. Lenders often attempt to work with a borrower before proceeding with a foreclosure.

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