The lender may attempt to recover money owing on a defaulted debt by seizing and selling the property that is subject to a mortgage through the legal process of foreclosure. As a general rule, borrowers default when they fall behind on a number of monthly payments, but they can also default when they violate other mortgage conditions.
A defaulted debt can be repaid by a lender through the legal process of foreclosure, which involves seizing possession of and selling the mortgaged property.
State-specific laws govern the foreclosure process, but generally speaking, creditors cooperate with borrowers to help them catch up on payments and prevent foreclosure.
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225 West 35th Street New York, NY, 10001 USA. +1 (888) 488-05-89 | All rights reserved.
225 West 35th Street
New York, NY, 10001 USA
+1 (888) 488-05-89
All rights reserved.