Foreclosure is the painful process of repossessing a property, typically due to a borrower’s failure to make payments on a mortgage loan. When this occurs, the lender has the legal right to take possession of the property, and then to sell it in order to use the proceeds from the sale to cover the remaining debt. It is important to note that, in most cases, the lender is not obligated to accept the proceeds from the sale of the property as the full payment of the remaining debt. Instead, they can choose to pursue other legal remedies to collect the full amount.
About the author:
Daniel H. Weberman, The Kabinet Founder – Terry I. Weberman, The Kabinet CPA
Daniel is an attorney and the founder of Kabinet. He is always here to help answer your home ownership questions as well as anything related to using your Kabinet app. Ask Daniel a question by sending an email to info@completehome.io and put “Daniel” in the subject line. This is a complimentary service as part of Kabinet’s commitment to you!
Note
Daniel, The Kabinet Founder, has made every effort to ensure the accuracy of the information within this article was correct at time of publication. He does not assume and hereby disclaims any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from accident, negligence, or any other cause. Speak to your advisor to make sure you qualify for such benefits or opportunities. Do not rely solely on this abbreviated article, it is for informational purposes only.
