Foreclosure

Foreclosure

The process by which a lender takes back a property on which the mortgagee has defaulted. A servicer may take over a property from a borrower on behalf of a lender. A property usually goes into the process of foreclosure if payments are more than 90 days past due.

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Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Real estate
Category: General
Company: Coldwell Banker
Product:
Acronym-Abbreviation:

Collect to Blossary

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