the.com/foreclosure
The bank's way of saying thanks for the memories, now give back the house.
means The legal process by which a lender seizes and sells a property after the borrower stops making mortgage payments.
from From Old French 'forclore' — 'for-' (outside, away) plus 'clore' (to close/shut), meaning to shut out or exclude. Used legally since the 1600s for extinguishing a debtor's right to redeem their property: miss enough payments and you're 'foreclosed' from ever reclaiming it — literally shut out of your own house.
- miss payments
- usually 3 to 6 missed before it starts
- who profits
- lender recoups loan, you recoup nothing
- credit hit
- score drop can exceed 100 points
- public record
- stays on report up to seven years