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Shaun Gormley |
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Howard, Anne Arundel, Montgomery, and Baltimore Counties |
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FORECLOSURE BASICS |
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Foreclosure The term foreclose refers to the bank, or lien holder forcefully and legally taking ownership of a property through circuit court proceedings. This is accomplished through the security instrument Deed of Trust. A mortgage is the agreement to borrow money and arrangement to pay it back. The Deed of Trust ties the property to the loan as collateral. It states that if the mortgage is not paid as agreed, the property can be sold to recover the debt. Foreclosure is a lengthily process and there are a few steps along the way.
Steps
Other Terms
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