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Line 1: − + − When a homeowner is unable to make payments on his or her [[mortgage]], the [[lender]] can seize and sell the property as stipulated in the terms of the [[mortgage]] [[contract]]. To avoid foreclosing on a home, [[creditor]]s may agree to make adjustments to the repayment schedule to allow the homeowner to retain ownership. Those adjustments are known as a special forbearance or [[mortgage]] modification.+ + + − ==See also== − * [[Real estate]]
add second reason for foreclosure
A '''foreclosure''' is a [[court]] proceeding upon default in a [[mortgage]] to vest title in the mortgagee.
A '''foreclosure''' is a [[court]] proceeding where a party seeks to require real estate to be sold in order to meet a contractual or legal obligation.
The two most common reason for foreclosure are:
*the homeowner is in default on the [[mortgage]]; to avoid foreclosing on a home, [[creditor]]s may agree to make adjustments to the repayment schedule (called a mortgage modification, or a forbearance) to allow the homeowner to retain ownership.
*the property owner has unpaid property taxes or other liens (such as liens to mow unkempt lawns or to remove debris)
[[Category:Legal Terms]]
[[Category:Legal Terms]]
[[Category:Real Estate]]
[[Category:Real Estate]]