Vito borrows $150,000 from Workers & Farmers Bank to buy a home. If he fails to make payments on the mortgage,the bank has the right to repossess and auction off the property securing the loan. This is

Question

Quizplus · Accepted Answer

Foreclosure is the legal process where the lender repossesses the property securing the loan, in this case Vito's home, when the borrower fails to make payments on the mortgage. The lender can sell the property at an auction to recover the unpaid loan amount. The other options are not relevant to the scenario described.

Vito Borrows $150,000 from Workers & Farmers Bank to Buy