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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, creditors 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)