What is Foreclosure – FCL?
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract. Read more for examples and further explanation including related video clips and also comments
Example explains Foreclosure – FCL
In some cases, to avoid foreclosing on a home, creditors try to make adjustments to the repayment schedule to allow the homeowner to retain ownership. This situation is known as a special forbearance or mortgage modification.
[tubepress mode=’tag’, tagValue=’Foreclosure – FCL invest’]