Burlingham Associates Inc - foreclosure - Bankruptcy / Proposal / Financial Glossary

Bankruptcy / Proposal / Financial Glossary

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foreclosure	That action that a lender will take to repossess and sell a piece of property for defaults in mortgage payments. This remedy forecloses the mortgagor’s right of redemption, the rights of subsequent creditors from enforcing security interest, and the rights of the mortgagee to pursue any deficiency realized upon sale of the property.

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