FORECLOSURE
• Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.
• The foreclosure process varies by state, but in general, lenders try to work with borrowers to get them caught up on payments and avoid foreclosure.
• The average number of days for the foreclosure process is 673; however, the timeline varies greatly by state.
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