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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
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.
Inactive Account
A financial account that has not had any activity or transactions for a long period of time.
Federal Reserve
The US central bank, responsible for monetary policy, bank regulation, and government financial services.