ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Why dont you know
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BANKRUPCY
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a court process and involves a lawsuit in which a bank or mortgage company seeks to take an owner’s property to satisfy a debt.
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could acquire overdraft fees, and ATM charges if you try to take money out of an ATM that is not in your ATM network (additional charges for out-of network banks).
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Detailed explanation-1: -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.
Detailed explanation-2: -What is Foreclosure? Whenever a property or home is bought by borrowing a loan from a bank or lender, the homeowner needs to repay the loan amount in the specified amount of time. In case, the homeowner fails to repay this amount, the home or property is considered to be in foreclosure.
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.
Detailed explanation-4: -Judicial foreclosure, in which the lender must file a foreclosure suit in court to be allowed to resell the home.
Detailed explanation-5: -The right to foreclosure can be exercised by mortgagee only when: The debt amount has become due for payment. There are no contrary conditions in the mortgage deed as to the time fixed for repayment etc. Mortgage money has become due but mortgagor has not got a decree of redemption of the mortgaged property.