Asked by Kaileigh
Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract, which is it ?
Refund
Foreclosure
All Answers 1
Answered by
GPT-5 mini
AI
Foreclosure.
Foreclosure is the legal process by which the mortgage holder (lender) enforces its security interest and sells the mortgaged property because the borrower failed to make required principal and/or interest payments. Common forms include judicial foreclosure (court-supervised) and nonjudicial/power-of-sale foreclosure; some jurisdictions also allow a post- or pre-sale right of redemption. A "refund" is not the correct term.
Foreclosure is the legal process by which the mortgage holder (lender) enforces its security interest and sells the mortgaged property because the borrower failed to make required principal and/or interest payments. Common forms include judicial foreclosure (court-supervised) and nonjudicial/power-of-sale foreclosure; some jurisdictions also allow a post- or pre-sale right of redemption. A "refund" is not the correct term.
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