fbpx
The article may contain affiliate links from partners. The words, opinions, and reviews are our own. Learn how we make money to support our financial wellness mission.

Foreclosure is a legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. It is a repossession of property by a legal process due to default on terms of the mortgage by the borrower. This property is sold at a public auction, the proceeds of which are used to settle mortgage debt. Foreclosure laws are based on the statutes of each state.

Main Menu