By definition, a foreclosure is a legal process in which a mortgagee, often the financial institution that extended the loan to the borrower, relinquishes the mortgagor’s right of redemption via a court order. Because of the values of homes, it is difficult for the average individual to afford the cost of a home outright, thus the need to apply for a loan from a lender (bank).
See the original post here: What is a Foreclosure?
