TeachMeFinance.com - explain foreclosure
a legal process in which mortgaged property is sold to pay the loan
of the defaulting borrower.
foreclosure -- a legal proceeding by which a mortgage lender may claim title to a mortgaged property if the borrower fails to repay the loan.
About the author
Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.