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Foreclosure
01
the legal proceedings initiated by a creditor to repossess the collateral for loan that is in default
Exempel
In the aftermath of the financial crisis, many families faced foreclosure and unemployment.
Rising interest rates were the final nail in the coffin for many overextended homeowners, pushing them into default and foreclosure.
Failure to make mortgage payments on time can lead to foreclosure, where the lender repossesses the property.
The lender agreed to write off the mortgage debt for the family facing foreclosure.
