Foreclosure
August 30, 2010
Author: Support Services, e-PRO
A mortgage foreclosure is a legal proceeding in which a lender terminates a homeowners right to the property in question. When a borrower defaults on a mortgage that is held by the lender, the lender has the right to repossess the property. Once the property has been repossessed by the lender, the bank can then sell the property and keep all of the proceeds to pay off the remaining amount left on the mortgage as well as any legal costs that incurred during the foreclosure process. |
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