Foreclosure
Law Definitions
Foreclosure
Foreclosure
is a process that allows a lender to recover the amount
owed on a defaulted loan by selling or taking ownership
(repossession) of the property securing the loan. The
foreclosure process begins when a borrower/owner defaults
on loan payments (usually mortgage payments) and the
lender files the necessary documents to begin the
foreclosure proceedings.
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foreclosure law definitions
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