Foreclosures

 Foreclosure The legal process by which a mortgaged property may be sold when a mortgage is in default. How has the recent changes in the economy affected the neighborhood?

Their are less employment opportunities available to citizens due to the huge economic gap our country is facing. These people are unable to pay there bills which resolutes to them losing their homes.

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=What is foreclosure?=

Generally, when real estate is purchased the buyer must borrow the purchase money from a lender. The buyer enters a contract with the lender and one of the terms of the contract is that the lender can take possession of the property and sell it if the borrower defaults on the payments. Foreclosure is the legal proceeding by which a lender terminates a mortgagor's interest in the property after the mortgagor has failed to make the payments. The foreclosing lender takes possession of and/or sells property. []