Real Estate Terms Glossary
What is a Foreclosure?
Foreclosure happens when borrowers fail to pay their mortgage payments and lenders exercise their rights to seize the homes. Note that by taking suitable legal action against borrowers who have stopped making payments, lenders, such as banks, can try to recover their money.
Keep in mind that each US state has unique laws that govern the home foreclosure process, which include the notices a bank must post publicly or the homeowner's options to bring the loan current.
Examples of Foreclosures
- Example 1: Judicial foreclosures
- Example 2: Non-judicial foreclosures
Here’s Investopedia’s definition of a Foreclosure .
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