What is a foreclosure?

[davidbraken1]

I'll going to buy new home, right now I am looking for loan, I heard a word "foreclosure" .So may anyone explain me what is foreclosure?

[admin]

A foreclosure is a term most often used to describe a property owned by a lender that originally gave some entity a loan on the property. The entity recieving the loan then did not make the agreed payments and the lender chose to gain ownership through a legal process because the entity they lent the money defaulted on the loan.

[davidbraken1]

thanks for your reply. It'll help me a lot. Still have a few doubts. vatvh u later. Hope you have don't mind.