What is foreclosure? When a bank, a builder or any other lending agency finance the purchase of a property the borrower has to repay the borrowed money in fixed installments and intervals as agreed between them. The lender gives the money after obtaining the property as security. His right is made the first lien upon the property. When the borrower, also known as the mortgagor fails in payment the lender or mortgagee has the right to dispose of the property, but only with a court order. Such a...
26 Sep
