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 Foreclosure Articles


 
 

WHAT IS A FORECLOSURE?
Foreclosure means the process of legal action being taken by a lien holder. They repossess property held by a borrower who is in default.

This is normally instituted by lending institutions such as banks or mortgage companies. The word distressed is used to describe the lender when a borrower fails to meet a legal obligation. They are distressed because their business is loaning money not accumulating property.

The word default is used when repayment terms are not fulfilled by a borrower. When that happens the property stops earning interest and is considered a nonperforming asset. It gets worse for the lender as the property not only stops earning money but starts costing money with expenses such as legal costs.

 

 

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