|
HINT: Please choose letter below to see the interpretation of the term you are looking for or click on All to see all terms at one page.
|
Interpretation
FORECLOSURE - When a borrower cannot repay a loan and the lender seeks to sell the property.
Foreclosure is a legal proceeding in which a bank or another secured creditor sells or takes possession of a piece of real property in case the owner fails to comply with an agreement between the lender and the borrower. One can stop foreclosures, but this is not easy. You should stop foreclosures when this process is in its tracks. In general, foreclosure is considered to be a long, drawn out process that gives the owner of the home plenty of chances to stop the process and deal with their debt.
Articles
Article not available
|
|
