Foreclosure - FCL

What Does Foreclosure - FCL Mean?
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.

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.

Related Terms

Creditor
Deliquent Mortgage
Forbearance
Interest
Jingle Mail
Judicial Foreclosure
Mortgage
Mortgage Forebearance Agreement
Short Refinance
Variable Interest Rate
More Related Terms

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