The legal process of ending an owners right to a property, usually caused by unpaid mortgage is called:

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The legal process of ending an owner’s right to a property, usually caused by unpaid mortgage is called:

A	Foreclosure
B	Collection
C	Repossession

Explanation:

Detailed explanation-1: -Foreclosure of property occurs when the borrower defaults on 3 or more monthly repayments of a loan. Ownership of the property mortgaged against the loan is transferred over to the lender, usually a bank, who can legally auction the foreclosed property, selling it to the highest bidder to recover the loan amount.

Detailed explanation-2: -/fɔːrˈkloʊ.ʒɚ/ the action of taking back property that was bought with borrowed money because the money was not being paid back as formally agreed, or an example of this: She is another homeowner facing foreclosure. His firm handles about 3, 000 mortgage foreclosures a year.

Detailed explanation-3: -A foreclosure is the legal process where your mortgage company obtains ownership of your home (i.e., repossess the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan.

There is 1 question to complete.