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Real Estate Glossary
Welcome to our online Real Estate glossary. To search for a term,
use the search box below. To browse our terms, click on a letter
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Foreclosure:
The legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted. When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower.
As defined by Inman
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See Also:
» Delinquent mortgage
» Forbearance
» Judicial foreclosure
The definition for Foreclosure and
this glossary as a whole are presented to you as a courtesy of ForeclosuresMass.
For other terms, explinations, definitions and descriptions, please
visit our Glossary page.
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