Foreclosure is a legal term, and it describes legal steps initiated by a bank, mortgage lender or any other secured creditor to take possession of a real property financed by it, and to sell it. Undoubtedly, Foreclosure is a painful and unfortunate position for an owner of property as none who signs a mortgage ever intends to lose the property ever. However, unfortunate circumstances like heavy medical expenses, loss of job, erosion in the value of the property and similar reasons may impact one's ability to repay and result into defaults. Generally, default in the payment or violation of terms and conditions of mortgage loan may result into Foreclosure which may be described as a homeowner's worst nightmare.
Avoiding Foreclosure may involve one or more of pro-active steps which you may devise in consultation with your creditor. These steps involved include re-scheduling the repayment terms and plan; minor or major modifications in the terms of the mortgage loan; arranging sale of the property below the aggregate amount repayable and the creditor accepting the waiver of payment of the shortfall; short finance; and coverting your mortgage loan in hard money loan.
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