Difference between revisions of "Foreclosure"
From Open Risk Manual
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Latest revision as of 18:22, 2 March 2023
Definition
Foreclosure is one possible end-state in a lending relationship where a lender attempts via a legal process (in court) to recover balances of loans extended to a borrower who has stopped making payments. The main mechanism for recovery is the forced sale of the asset that used as the collateral for the loan (mortgaged).
