Foreclosure
A legal procedure, ordered by a court, by which a borrower forfeits his or her property to the lender following the default of the home loan. The title to the property is either kept by the lender, or sold to a third party.
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A legal procedure, ordered by a court, by which a borrower forfeits his or her property to the lender following the default of the home loan. The title to the property is either kept by the lender, or sold to a third party.