Changes

Foreclosure (view source)

Revision as of 22:43, January 10, 2008

16 bytes added , 22:43, January 10, 2008

wikify

Line 1: Line 1:

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, ~~creditors~~ 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]]

Aschlafly

Anthony, Irenaeus, Siteadmin, apieditor, Bureaucrats, Check users, nsAm_Govt_101RO, nsAm_Govt_101RW, nsAm_Govt_101_ta, nsJudgesRO, nsJudgesRW, nsJudges_talkRO, nsJudges_talkRW, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, oversight, Administrators

126,204

edits