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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.
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