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What is the difference between defaulting on a loan and foreclosing on a house?

April 26, 2017defaulting difference foreclosing House loan

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What is the difference between defaulting on a loan and foreclosing on a house?

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When your client fails to make monthly payments, they default on there loan and fail to meet the legal obligations of their mortgage contract. Foreclosure is a legal process in which the Lender forces the sale of the property because the terms of the mortgage contract have not been met.