Foreclose
Channel: English Unpacked
Date: 2024-03-29

Foreclose is a legal term that refers to the process by which a lender takes possession of a property when the borrower fails to make the required mortgage payments. This typically occurs when the borrower is in default, meaning they have not made the agreed-upon payments for an extended period of time. The lender then has the right to sell the property in order to recover the outstanding debt. Foreclosure can have serious consequences for the borrower, including the loss of their home and damage to their credit score.