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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:
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Received Pronunciation (RP), also called the Queen's (or King's) English,[1] Oxford English,[2] or BBC English, is the accent of Standard English in ...
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