Foreclosure
Real estateGlossary term
Definition
A legal process where a lender takes ownership of a property when the borrower fails to make mortgage payments. Can severely damage credit and result in losing the home.
Related terms
- MortgageA loan used to purchase real estate where the property serves as collateral. The borrower makes regular payments over a set term (typically 15-30 years) until the loan is paid off.
- Credit ScoreA numerical representation (typically 300-850) of your creditworthiness based on your credit history. Higher scores indicate lower credit risk and can lead to better loan terms.
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