Getting to terms with foreclosure
In legal terms, a foreclosure is “the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner’s failure to comply with an agreement between the lender and borrower called ‘a mortgage’ or a ‘deed of trust’.”*
Phew! What that means: You don’t pay your mortgage – the bank sells your house.
