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Foreclosure - FCL
       
 
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Foreclosure - FCL

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Foreclosure - FCL
Usually refers to the repossession of Real Estate.
    
The legal process required to gain possession of a house when a specified number of mortgage payments have been missed and the client has not sold the house on his own.
    
FCL is a situation in which a homeowner is unable to make principal and/or Interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
    
In some cases, to avoid foreclosing on a home, creditors try to make adjustments to the repayment schedule to allow the homeowner to retain ownership. This situation is known as a special forbearance or mortgage modification.
Posted by  LISA Life Insurance Settlement Association
 
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