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Foreclosure is what happens when a borrower defaults on a loan or mortgage and the creditor starts a legal process to claim ownership of the collateral property. Foreclosure usually involves a forced sale of the property where the proceeds go toward paying off the debt. A "Trustee's Sale Proceeding" is the correct term when a foreclosure involves a deed of trust.
A Foreclosure on your credit report is as bad as filing bankruptcy. In the future, when you apply for new credit, a foreclosure on your credit report is typically a disqualifying factor for new credit being granted. |
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