Foreclosure occurs when the lender takes ownership of the property because the borrower cannot make the mortgage payments due. This is typically due to default on the loan or failure to keep up with the terms of the mortgage agreement. The lender then tries to sell the property to recoup its losses.

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Foreclosure Is

Question 83

Multiple Choice

Foreclosure is:

A) when a bank takes ownership of a property because the property owner cannot make the mortgage payments due.
B) when a person is forced to sell their home for less than what they paid for it.
C) when a person is forced to sell their home for less than what it is currently worth.
D) when a person is forced to sell their home for less than what they still owe for it.

Correct Answer: