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Foreclosure
Foreclosure is a legal process by which a lender (sometimes referred to as the "mortgagee") seeks to collect a debt by taking property that secures the debt. The property is usually real estate - house, land, or some other item that is permanently affixed to the land, i.e. a house trailer. In the most common foreclosure, a lender - usually a bank - holds a mortgage on the borrower's residence. The borrower has defaulted, i.e. failed to pay the lender what is owed.
The lender then files a foreclosure action in court and asks the court to either give the property to the lender or to sell the property and pay the lender out of the sale proceeds.
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