Foreclosure Terms Foreclosure Terms |
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Foreclosure: Foreclosure is the legal process by which an owner loses their right to property, usually due to default. The foreclosure process typically involves a forced sale of the foreclosed property, often by public auction, with the proceeds applied to the mortgage debt. Forbearance:Forbearance is a lender's postponement of foreclosure in order to give the borrower time to catch up on late mortgage payments. Judicial Foreclosure:Judicial foreclosures are those which require the lender to take the borrower to court in order to foreclose on the property in default. Non-Judicial Foreclosure:Non-Judical Foreclosures are those in which the mortgage deed contains a power of sales clause allowing lenders to foreclose on a property outside of the court system. Right of Redemption:Right of redemption is the right of a homeowner to avoid foreclosure by paying off the amount due the lender on the mortgage. |