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A foreclosure is a [[court]] proceeding upon default in a [[mortgage]] to vest title in the mortgagee.
A '''foreclosure''' is a [[court]] proceeding upon default in a [[mortgage]] to vest title in the mortgagee.
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.
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.
[[category:legal terms]]
[[category:legal terms]]