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The legal process by which a property may be sold and the proceedds of the sale are applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made. It can also occur when the homeowner is in default for a reason other than the failure to make timely mortgage payments, as spelled out in mortgage documents.<\/p>", "inDefinedTermSet": "https://affordablehousingonline.com/glossary" },

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Foreclosure

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The legal process by which a property may be sold and the proceedds of the sale are applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made. It can also occur when the homeowner is in default for a reason other than the failure to make timely mortgage payments, as spelled out in mortgage documents.