Foreclose

The process of the lenderThe entity that provides loan funds to the borrower. Depending on the type of loan, the lender may be taking a propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. when the borrowerPerson responsible for repaying a loan who has signed and agreed to the terms in the promissory note. has defaulted on the loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without. The lender then sells the property to recoup its lossThe occurrence of the event for which insurance pays. on the unpaid loan.