Outrageously Funny Word Dictionary :: Foreclosing

👉 Foreclosures are legal processes in which a lender, known as the "foreclosure servicer," takes possession of property and sells it to a borrower or their creditors. This process is typically initiated when a borrower fails to make payments on their mortgage loan, resulting in unpaid principal balance being sold by the lender. The foreclosure serves several purposes: 1.

Reduction of Debt:

The sale proceeds from the foreclosed property are used to pay down the borrower's existing debts, such as credit card

foreclosing