Wednesday, January 16, 2008

delinquency vs foreclousre

--delinquency: payment is behind the due date --Foreclosure is to shut out, to bar, to extinguish a mortgagor's right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.

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