In the past decade with the exponential expansion of the notion of real estate in the global perspective one of the hardest lessons that has affected both homeowners and real estate companies at best is that nothing remains in a static position in this volatile market scenario or else what goes up one day must also come down. And the moment it starts making its downfall it keeps everyone dumbfoun..
Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."