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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
Terms of Service
Terms of Service (TOS) are the legal agreements between a service provider and a user that govern the use of the service.
Vesting
The entitlement to a present or future asset or benefit, usually referring to an employer-provided benefit such as a retirement account.
Account Statement
An official summary of all transactions and activities that occur in an account over the course of a given period of time.