What is a Foreclosure?

Foreclosure is what happens when a homeowner fails to pay the mortgage.

foreclosure

More specifically, it’s a legal process by which the owner forfeits all rights to the property. If the owner can’t pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn’t sell there, the lending institution takes possession of it.

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What is a Foreclosure?
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