i also don’t really get “foreclosed” i’m guessing it means they’ve missed mortgage payments?
Edit: thanks everyone, lots of good info here!
In: 4
short version: foreclosed means the bank that lent you the mortgage to buy the house has reclaimed it, because you couldn’t repay them. Their ability to do so is buried in the mortgage agreement as a penalty for the buyer if he doesnt keep his end of the bargin.
so, yes, it means you’ve missed sufficient mortgage payments you’ve lost the house.
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