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Foreclosure is the process of taking possession of property that has been mortgaged to liquidate, for the purpose of settling debts with the sales proceeds collected.
While foreclosure is most often associated with lenders and real property, it can occur with any creditors who have a charge on assets.
Banks usually see foreclosure as the last resort as these are costly and time-consuming affairs.
The usual reason for foreclosure proceedings to commence is from the default on mortgages with borrowers simply unable or unwilling to repay their debt.
The process of foreclosure can vary with different types of property.
If you want to avoid the stress of foreclosure, the best course of action is to talk to the lender beforehand to find a way to manage the coming problem.
When lenders are convince that a borrower is genuine with repayment and upcoming financial problems can be resolved, they are usually more than willing to explore options to avoid foreclosure.
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