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Personal Finance Terms: Foreclosure

Last updated 1 year ago

A mortgage loan is a type of secured debt in which your home is used as collateral if you fall behind on your monthly payments. In this video, you will learn the basics of the foreclosure process.

When a lender wants to cut their losses, they will often repossess an individual’s home and sell it at a depressed price. However, filling for bankruptcy can put an automatic stay on all of your accounts, including your mortgage loan and other secured debts. Learn more about foreclosure in this video.

Don’t lose your property assets to foreclosure and repossession. Find out if filing for bankruptcy is the solution to your debt relief needs by contacting Dixon & Johnston, P.C. online or by calling (618) 233-1103. Our skilled bankruptcy attorneys are standing by to provide you with the legal representation you need to protect your financial interests in these trying economic times.

 

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