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Real Estate Glossary


- Foreclosure

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Foreclosure
The legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted. When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower.

Related Terms
Judicial foreclosure
Forbearance
Delinquent mortgage

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