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Loans & Lending Practices MCQs

What does the term "Foreclosure" denote?

The transfer of the seller's existing mortgage to the buyer

The process of applying for a mortgage

The Legal process by which the lender or the seller forces the sale of a mortgaged property because the borrower has not met the terms of the mortgage.

The process of finding undervalued properties for investment purposes

Answer

Correct Answer: The Legal process by which the lender or the seller forces the sale of a mortgaged property because the borrower has not met the terms of the mortgage.

Explanation:

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