The legal process used to regain title to a mortgaged property if the borrower defaults. Foreclosure usually involves a forced sale of the property with the proceeds being applied to the mortgage balance.
The legal process by which an owners right to a property is terminated, usually...
The act or process of foreclosing; a proceeding which bars or extinguishes a mortgager's right of redeeming a mortgaged estate.
Remedial legal action taken by a lender when default occurs on the mortgage, permitting recovery of the property to satisfy a claim against it.
An action to eliminate the interest of a borrower in real estate so as to give the lender good title.
number generated by one of the three Credit Report Agencies (Equifax, TransUnion and Experian) based on your credit history, that helps lenders predict how likely you are to pay your loans on time in the future.
is the action taken by the insurer when the policyholder fails to pay up the interest on his loan. The insurer writes off the policy before its maturity date and the surrender value is adjusted against the loan.