Foreclosure

A place in which an owner is powerless to make principal and/or profit payments on its mortgage; so the lender, be it a bank or building culture, can seize and sell the property as required in the terms of the mortgage contract. In some instances, to avoid barring on a property, creditors try to modify the repayment schedule to permit the owner to retain ownership. This situation is known as a special leniency or mortgage adjustment.

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