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.