Found 1 blog entry tagged as foreclosure.

Real Estate Word of the Day: Foreclosure

Foreclosure is a legal process through which a lender repossesses a property due to the homeowner’s inability to keep up with mortgage payments. When a borrower fails to make payments according to the terms of the loan agreement, the lender has the right to seize the property to recover the debt owed. This process typically begins when the homeowner falls significantly behind on payments, usually after several months of non-payment. For homeowners, facing foreclosure can be an incredibly distressing experience. It's often the result of unforeseen circumstances such as job loss, medical emergencies, or other financial hardships. Not only does it lead to the loss of their property and equity, but it can also have…

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