Foreclosure is the legal process a lender can use to take and sell property when a borrower doesn't repay a loan secured by it.
Foreclosure is the legal process through which a lender enforces its security interest in real property following default, typically resulting in sale of the property.
It's the serious downstream consequence of prolonged default on secured debt. Early communication with a lender is generally better than letting it reach this stage.
Extended non-payment on a mortgage-secured farm loan could lead a lender to begin foreclosure.
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