Securitisation glossary by Vinod Kothari
Foreclosure- The exercise of an owner or secured creditor's rights over an asset to liquidate the amounts payable under a defaulted loan or credit contract. For example, in context of mortgages, the seizure of the mortgaged property; in case of leases, the repossession of leased property. Sometimes, could also refer to the prepayment of a mortgage or lease.
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