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Definition of 'Foreclosure - FCL'
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
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Investopedia explains 'Foreclosure - FCL'
In some cases, to avoid foreclosing on a home, creditors try to make adjustments to the repayment schedule to allow the homeowner to retain ownership. This situation is known as a special forbearance or mortgage modification.
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Investing in this kind of real estate takes capital, time and careful planning.
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Sometimes it's better to cut your losses, but foreclosures and short selling can have devastating impacts on your credit score.
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Hope Now was formed to help prevent foreclosures. Are the organization's strengths enough to overpower its weaknesses?
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This program allows FHA borrowers to reduce monthly mortgage payments through negotiation with lenders.
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