Mortgage Broker Company - What is a foreclosure?

A foreclosure is when a borrower has defaulted on a mortgage loan that is secured with a Deed of Trust on real property.  The lender will demand that the attorney foreclose on the defauled deed of trust.

Which simply put is the borrower of the funds for the mortgage payment has not kept up with payments to the lender.  Some people pay partial, some do not pay at all.  So the lender will take over the ownership of the property.

 

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