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Foreclosure (FC) & “To Initiate FC”

The legal process by which a borrower in default under a mortgage is deprived of his or her interest in a mortgage property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. “To initiate FC” just means to start the process and is often enough to get the borrower’s attention to do a workout.

***All information is deemed to be accurate, but is not guaranteed***

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