Foreclosure

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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.

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