A foreclosure occurs when a borrower is unable to make the monthly payments or otherwise defaults on the terms of a real estate mortgage and the lender, through a legal proceeding, takes ownership of the property. A Deed-in-Lieu of Foreclosure occurs when a loan is in default and the lender agrees to accept title to the property from the borrower by deed instead of going through the foreclosure process. If you have had a property foreclosed or if you have given a deed-in-lieu of foreclosure in the past seven years, please select "YES".

refer to a lenderâ€(tm)s actions of repossessing and selling a property for the borrowerâ€(tm)s default in mortgage payments.