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Foreclosure |
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ForeclosureProcess by which the holder of a mortgage seizes the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract.ForeclosureThe procedure by which a homeowner forfeits his property to the lender (mortgagee) following default. This could be failure to pay interest on the loan. A foreclosure order is given by a court. |
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