Foreclosure
Definition
The legal process by which a lender acquires possession of the property securing a mortgage loan when the borrower defaults. An agreement by the lender not to exercise the legal right to foreclose in exchange for an agreement by the borrower to a payment plan that will cure the borrower’s delinquency
Related Terms Other terms related to 'Foreclosure' starting with the letter 'F' FICO Score, Fully amortizing payment, Fully indexed interest rate, Fannie Mae, Fallout Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 