Local Real Estate Blogs From Local Real Estate Agents
Local Real Estate Blogs From Local Real Estate Agents
A foreclosure is a proceeding initiated by a creditor to repossess the collateral for loan that is in default. During a foreclosure process relating to residential mortgage loans a bank or other secured creditor sells or repossesses a parcel of real estate after the owner has failed to comply with mortgage terms. When the process is complete, the lender can sell the property and keep the proceeds to pay off its costs.
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