Changes

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]]

[[Category:Banksters]]

[[Category:Banksters]]

[[Category:Banks]]

[[Category:Banks]]

[[Category:Finance]]

[[Category:Finance]]

[[Category:Economics]]

[[Category:Economics]]