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Foreclosure
The legal process by which a lender repossesses a property when the borrower fails to make their mortgage payments.
More Details
Foreclosure is the process by which a lender takes possession of a property when the borrower is unable to make the required payments on their mortgage. Foreclosure typically occurs when a borrower defaults on their mortgage by failing to make the required payments for an extended period of time.
Example
If you miss one or more mortgage payments resulting in a default on your loan, your house may go into foreclosure.
Related Terms
Account Statement
An official summary of all transactions and activities that occur in an account over the course of a given period of time.
Account Holder
A member with an active account, entitled to the institution's services and responsible for managing their account and transactions.
Cashier's Check
A type of check issued by a bank and guaranteed by the bank's funds. It is a safe and reliable form of payment for large transactions.