In today’s legal terminology, it means taking over a home that’s collateral for a mortgage. It’s from the early French word forclos, meaning to exclude, shut out, or drive away. That said, foreclosures can occur when a home loan becomes just too much of a financial burden, and the owner simply cannot or will not make the payments any more.įoreclosure is a term that dates back to the 1200s. It’s hard to make any blanket statements about dealing with the process, as it varies so much from state to state - and even from county to county. ![]() ![]() When the economy is brutal, foreclosures become more common.
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