By which process the holder of a mortgage seizes the property of a homeowner who has not made interest and or principal payments on time as stipulated in the mortgage contract ?
Correct answer: A. Foreclosure
- A. Foreclosure
- B. Default
- C. Bankrupt
- D. None of these
Explanation
Foreclosure is the legal process through which a mortgage lender seizes and typically sells property after the borrower fails to make required payments. Default is the borrower’s failure to pay, not the lender’s legal remedy.
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