Definition
The legal process by which a lender takes possession of a property when the borrower fails to make mortgage payments.
What to consider
- Be alert for early warning signs to act before it’s too late.
- Explore alternatives like refinancing if you’re falling behind.
- Understand the long-term impact on your credit and home ownership.
Real world scenarios
- After falling behind on mortgage payments, Robert’s home went into foreclosure, prompting him to seek advice to avoid losing his property.
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