A legal process through which the lender forces the sale (or repossession) of a mortgaged property because the borrower has defaulted on (not met the terms of) the mortgage.
This can have an impact on your credit and may prevent someone from obtaining a mortgage for some time. I did a podcast about the mortgage guideline changes and we talk about foreclosures. You can go to the badge on the left and access the previously recorded podcast about mortgage changes.
Posts
