Real Estate Glossary

Foreclosure

5 years ago

by Richard Wilson

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Written by Richard Wilson

In this legal process, where a lender can sell an asset that is used as collateral in a loan in order to recover the money owed by the debtor after they have defaulted. When a debtor takes out a loan, they may be asked to put up collateral in order to protect the lender in case of a default.

In this legal process, where a lender can sell an asset that is used as collateral in a loan in order to recover the money owed by the debtor after they have defaulted. When a debtor takes out a loan, they may be asked to put up collateral in order to protect the lender in case of a default.

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Richard Wilson