In finance, the term “foreclosure” denotes the practice of terminating a loan agreement ahead of schedule and claiming compensation for unpaid debt.

Foreclosure normally occurs when a borrower defaults on a loan.

During foreclosure, a creditor lays claim to property owned by a debtor to cover all or part of the debt owed.

In the case of mortgages or other loans which are secured by collateral, the lender has the right to seize the collateral in keeping with the terms and conditions laid out in the loan agreement.

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