Question on: SS2 Accounting - Loan Capital: Mortgage
What is foreclosure, and how does it relate to a mortgage?
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Foreclosure is the legal process by which a lender can take possession of a property when the borrower is unable to make mortgage payments. Foreclosure is related to a mortgage because the property serves as collateral for the loan, and the lender has the right to take possession of the property if the borrower defaults on the loan.
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