Definition: Foreclosure is a legal proceeding in which the bank can take possession of and sell a mortgaged property when the borrower does not meet his or her contractual obligations, e.g. is delinquent on payments. Foreclosure remains on your credit report for seven years. It is one of the worst types of credit report entries and can impact your future ability to get credit cards and loans.
foreclosure
By LaToya Irby, About.com Guide
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