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A foreclosure is a legal process through which a lender takes possession of a property after the borrower fails to meet the repayment terms of a mortgage loan. When a borrower defaults, typically by missing multiple payment, the lender may initiate foreclosure to recover the unpaid loan balance.
A foreclosure is a legal process through which a lender takes possession of a property after the borrower fails to meet the repayment terms of a mortgage loan. When a borrower defaults, typically by missing multiple payment, the lender may initiate foreclosure to recover the unpaid loan balance.