Definition: The mortgage foreclosure process refers to a legal procedure in which a borrower who has failed to pay their mortgage payments or secured loans on their home has been declared bankrupt, and their home is sold through a foreclosure sale. The process typically involves the repossession (the process of purchasing the property) followed by the payment of debts. During this process, creditors have the right to seize title to the property from the borrower and foreclose on it, which means that they take possession of the property and collect any unpaid debts owed to them. If the borrower does not make timely payments, the repossession process can become more severe, with additional fees or penalties being imposed. Once the loan is paid off in full, the borrower has the option to sell the home back to the lender or to pay a lump sum amount to cover the debt. The foreclosure sale typically occurs at a time when the market value of the property has recovered slightly from its previous decline. In summary, mortgage foreclosure refers to the legal process of selling a mortgage on a borrower's home in exchange for payment of debts owed. It is a significant event that can have serious implications for both creditors and borrowers involved.
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