Foreclosure - FCL

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.

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.

Investment dictionary. . 2012.

Игры ⚽ Поможем решить контрольную работу

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”