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Foreclosures FAQ

Q: What is a foreclosure?

A: Foreclosure is a legal action used by a mortgage company to recover any money from a customer when the customer does not pay his or her debt in accordance with the mortgage agreement. In other words, it's the legal remedy used by a mortgage company to assume ownership of a property when the required loan payments are not made. Foreclosure obliterates otherwise good credit. (Taken from www.995hope.org.)

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