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Foreclosure |
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Foreclosure is a lender's action to end a borrower's property interest. If you default on your mortgage or other promissory note, foreclosure is the legal means by which a bank or other secured creditor can repossess your home or other secured property. Foreclosure rules vary from state to state, but generally follow the state's Uniform Commercial Code for personal property. Foreclosure rules for real property are generally different and stricter.
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