What Does Foreclosure Mean?

What does foreclosure mean? A foreclosure is something that happens when a person doesn't make their mortgage payments. A foreclosure happens when a person who has bought a property hasn't made their payment....

A foreclosure happens when a person who has bought a property hasn't made their payment. When they buy the house, they have signed documents that state what can happen if they don't make the payments on the house. So if they didn't do what their document says, the bank comes in and takes the house back. And it is now marking the property as a "bank owned work foreclosure property."

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