FORECLOSURE RETOTD Episode 00090

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FORECLOSURE

The process whereby a lender can claim the property used by a borrower to secure a mortgage and sell the property to meet the obligations of the loan. It’s the legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.

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