Foreclosure is when the bank or other lender that holds your mortgage dispossesses you of your house. After the process is completed, you no longer have any ownership over your home and all your equity in it is forfeit. For homeowners, this situation is usually quite humiliating, though there’s no reason that it should be, given that a loan is simply a business arrangement and they sometimes go bad.
Go here to see the original: Explanation of Foreclosure
