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What Is a Foreclosure? Definition, Uses and Importance.

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When a borrower cannot repay a loan and the lender seeks to sell the property.

Foreclosure is the legal process by which a lender seeks to recoup the amount owed on a defaulted loan by seizing and selling the mortgaged property. Default often occurs when a borrower fails to make a specified amount of monthly payments, but it can also happen when the borrower violates other provisions of the mortgage document. The national average for the number of days required to complete the foreclosure process is 857; however, the timeline varies significantly by state.

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