FORECLOSURE

Foreclosure

Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

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foreclosure

Noun

  1. the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments


The above text is a snippet from Wiktionary: foreclosure
and as such is available under the Creative Commons Attribution/Share-Alike License.

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