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November 23, 2006
What Happens In Foreclosure?
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A foreclosure is a legal process where the bank or other creditor takes control of the collateral for a promissory note in default. This collateral is a parcel of real property, and the lender either sells or repossess this property. The process is slightly different from state to state, but there are basically two types of foreclosure, judicial and non-judicial.
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Posted on November 23, 2006 11:48 PM by Financ81.
Filed in Mortgage Calculator under financing terms.
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