The legal process used to regain title to a mortgaged property if the borrower defaults. Foreclosure usually involves a forced sale of the property with the proceeds being applied to the mortgage balance.
A legal proceeding to enforce a lien on such as a mortgage or deed of trust. The process by which secured property is seized and sold to satisfy a debt. A mortgage or involuntary lien must be sold by a court-ordered sale; a sale under a deed of trust may be either by court action or through a private trustee's sale. Back to the Top
Legal process in which a property owner (borrower) forfeits its property to a lender, following a default on the lender's loan by the borrower. The property is considered collateral and used to allow the lender to attempt to recover the principal and interest it loses because the loan defaulted. oreign Currency Intervention Purchases and sales of foreign exchange by the central bank in an effort to support the exchange rate of the country's currency at a specific level. Like central bank open market operations, this activity impacts the monetary base of the country.
A legal procedure by which mortgaged property in which there has been default on the part of the mortgager (borrower) is sold to satisfy the mortgage debt. The most common type of foreclosure in most states is foreclosure by sale. Foreclosure by sale takes two general forms: (1) foreclosure by judicial sale, and (2) foreclosure by power of sale (also known as foreclosure by advertisement). While procedures differ from state to state, under a foreclosure by judicial sale, a petition is usually filed with the court against the defaulting mortgager and all persons having junior lien interests in the property. The petition states the nature of the default, the amount due, and the property involved.
the process whereby the lender forces the sale of the mortgage property because the owner has defaulted on the mortgage. The foreclosed sale proceeds are used to pay the costs associated with the foreclosure, the lender, any outstanding taxes or other charges and the balance, if any, is paid to the borrower.
The legal process a lender uses to exercise its right to force the sale of a property to gain repayment of mortgage debt. Generally, lenders exercise this right when a borrower has failed to make timely payments.
Foreclosure is the legal process by which a borrower in default of a mortgage is deprived of his interest in the property. Usually, the property is sold at a public auction and the proceeds of the sale are applied to the mortgage debt.
In the event that the borrower fails to pay back the loan through mortgage payments, the lender has the right to put the home up on the market for sale to recover the money owed to the lender. This is known as foreclosure.
Usually refers to the repossession of real estate. The legal process required to gain possession of a house when a specified number of mortgage payments have been missed and the client has not sold the house on his own.
A legal process where, due to a borrowers default on mortgage terms, the borrower loses all rights to and interest in a mortgaged property. The lender forces a sale of the property where the proceeds are applied to the mortgage debt.
The legal process by which a borrower in default under a mortgage or deed of trust loses all rights to, and interest in, the mortgaged property. Also known as a repossession of property. No Terms Listed
A legal process in which an investor of mortgages accelerates all payments and principal due on a note, by utilizing public notice and auction, used when a borrower is not paying the investor in a timely fashion. Property is sold by the mortgage lender to pay off mortgage debt when the mortgage goes into default. Foreclosed properties are commonly sold at public auctions. State law governs the length of time a mortgage is in default before it can be foreclosed on. Foreclosure is a necessary tool, for investors and without it; there would be no mortgage market.
To shut out; to bar; to terminate. A termination of all rights of the mortgagor or his grantee in the property covered by the mortgage. Procedure by which mortgaged property is sold on default of mortgagor in satisfaction of mortgage debt.
The legal process where the borrower is in default of the mortgage payment. This usually involves the mortgage company taking over the property. The mortgage company will try to sell the house or put it up for auction to have profit applied to the Mortgage debt.
A foreclosure is a legal proceeding initiated by a lender (lien claimant) to force the sale of a property to pay the remaining balance due on the loan (mortgage). A foreclosure is usually initiated by the lender when the borrower is deliquent on his payments.
A legal procedure through which a borrower in default is deprived of his/her interest in mortgaged property. There is foreclosure by sale and strict foreclosure. In foreclosure by sale, the mortgaged property is sold to satisfy the loan and title to the property passes to the lender or to a third party that purchases the property at foreclosure sale. Strict foreclosure is a judicial process through the courts.
The process lenders must go through to recover title to your home so it can be sold. If you are surrendering your home the bank will probably foreclose after you file bankruptcy, but you will discharge the debt from the home so you will owe nothing.
The procedure a lender or other lien holder follows to claim ownership of property if the owner fails to meet legal obligations (usually financial). In Michigan, proper notice must be given. If the situation is not resolved, the creditor may have the property auctioned at a "Sheriff's Sale," where it is sold to the highest bidder. The previous owner generally has a six month right of redemption period to pay off the debt (plus interest and expenses) and reclaim the property.
The legal process by which a borrower, who is in default of the terms of the mortgage, loses their interest in the mortgaged property. The property is sold at public auction with the proceeds applied to the mortgage debt.
The legal process of selling the property of a debtor in order to satisfy the debt from the proceeds of the sale. There are various types of foreclosure proceedings but all involve the action of a court to authorize the sale, and the conduct of the sale by the county sheriff or other courtappointed official. Common interest property association may have the right to foreclose upon a unit in the property to recover unpaid assessments. See also Lien.
Legal action instituted by the mortgagee, in the county where the property is located, whereby property used as security for a debt is sold to satisfy the debt following default by the debtor either in payment or other terms of the mortgage.
The legal process to terminate the homeowner's interest in the real property that is the collateral for the mortgage. In some states, foreclosure involves a court proceeding ("judicial foreclosure"), while in others, foreclosure occurs by creditor action alone ("non-judicial foreclosure"). In Washington, creditors have the option of using either the judicial foreclosure process (for mortgages or deeds of trust) or the non-judicial foreclosure process (for deeds of trust only).
Process by which a creditor with a mortgage can force a debtor to give up their interest in the property because of default and have the property sold to satisfy the debt. Also may be referred to as foreclosure by sale or performance foreclosure. See also strict foreclosure.
Mortgage foreclosures occurred when the farmer could not pay back his loan and the mortgage holder took the land as payment. Any machinery that was not paid for was taken, and the farmer was forced to hold an auction sale. At the sale, household furnishings would be sold and the farmer would pack his family and belongings and leave the farm. At some sales, neighbors would bid pennies for the property and give it back to the unfortunate farmer.
Foreclosure is the process in which a lender terminates the borrower's rights to the property. This is usually due to the borrower defaulting on the loan. The correct term for a "Foreclosure" involving a deed of trust is a "Trustee's Sale Proceeding."
A legal proceeding to enforce a lien by the sale of real property to satisfy the debt. Good Faith Estimate (GFE) - All lenders are required to give mortgage applicants an estimate of closing costs within three days of an application submission.
The loss of the right to the property that is being paid for by a mortgage. A mortgage represents security/collateral for the money that is borrowed in the form of real estate. A foreclosure is put into effect when payments are not made on a timely basis or as outlined in the mortgage agreement. up
The process by which a mortgaged property is taken over by the lending institution when the borrower defaults on the loan. The foreclosed property is usually then auctioned off, with the proceeds being applied to the unpaid portion of the loan.
The legal procedure by which a lender holding a mortgage on your house forces a sale of your house to obtain repayment of your loan. Foreclosure proceedings are typically started by a lender when you do not pay your loan on time. It might also be started if you fail to pay property taxes or insurance or keep other promises.
The process through which a mortgager of real property is deprived of his interest in that property because of the mortgagors failure to comply with the terms and conditions of the mortgage. (Back to Terms list)
The legal process by which a property that is mortgaged as security for a loan may be sold and the proceeds of the sale applied to the mortgage debt. A foreclosure occurs when the loan becomes delinquent because payments have not been made or when the borrower is in default for a reason other than the failure to make timely mortgage payments.
When a borrower cannot repay a loan and the lender seeks to sell the property. I Back to Top I ..........................................................................................................................................
A three month plus three week process which enables the lender to force the repayment of a debt (in default). If all sums owed have not been paid to the lender during the foreclosure process, the foreclosure culminates in a "Trustee's Sale," which auctions the property to satisfy the lender's debt.
the process by which a lender takes back a property on which the mortgagee has defaulted. A servicer may take over a property from a borrower on behalf of a lender. A property usually goes into the process of foreclosure if payments are more than 90 days past due.
The process by which a lender sells property securing a loan in order to repay the loan. Under a DEED OF TRUST, foreclosure is by public auction after appropriate advertisement. A MORTGAGE may require the lender to obtain Court approval prior to sale.
The legal process of the mortgage lender taking possession of and selling the San Jose home. When you default on a loan and the lender determines you are incapable of making payment, you may lose your house to foreclosure. Graduated Payment Mortgage: A residential mortgage with monthly payments that start at a low level and increase at a predetermined rate.
The process by which a lender takes back a property on which the mortgagor has defaulted. Garnishment- A creditor's seizure, to satisfy a debt, of property belonging to the debtor that is in possession of a third party. An example would be the seizure of money from your bank account, or your wages.
A process in which property is sold because it is used as collateral for a debt that is defaulted. Foreclosure affords a good opportunity for bargains, as the agency taking over the property often wishes to liquidate quickly - even at a loss - in order to recover the costs associated with the defaulted loan.
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged 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.
The legal process that allows a lender to sell a mortgaged property to recover losses when the owner defaults on the loan. The phases involved in the foreclosure process depend on the type of foreclosure undertaken and on the statutes of each state.
A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
If a buyer fails to make mortgage payments for a certain period, the lender may have the right to take possession of the home and sell it. Lenders have to take certain steps before foreclosure can occur. Foreclosure laws may vary in different states.
The legal process which a mortgage holder pursues to enforce the lien on a debtor's home which allows them to regain legal possession of the property. The property is generally sold at public auction to allow the mortgage holder to recover its losses due to the debtor's default on the loan.
A legal process by which the owner/borrower of real estate is deprived of any interest in that property due to failure to comply with the terms and conditions of the loan. Generally, the failure to make (timely) mortgage payments will result in foreclosure.
To terminate the borrower rights to property after he defaults on the mortgage loan. Foreclosure proceedings vary by state. Generally the foreclosure process allows for a redemption period, during which the borrower can attempt to pay off the debt and reclaim the property.
A process in which a court, to extinguish all rights, title, and interest, of the owner(s) of property in order to sell the property to satisfy a lien against it. Simply put, if a home owner does not make the agreed upon payments to the mortgage company, taxing authority or any other lien authority, that entity will proceed forward to foreclose on the home and sell the home to recover payment.
A legal term applied to any of the various methods of enforcing payment of the debt secured by a mortgage, or deed of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession.
(non-judicial): a popular term used to describe the procedure followed in enforcing a creditor's rights when a debt secured by any lien on property is in default; however, the correct term for a "Foreclosure" involving a deed of trust is a "Trustee's Sale Proceeding."
A legal process initiated when the borrower fails or refuses to pay the loan. This usually involves a forced sale of the property at a public auction. The money raised is used to pay off the mortgage debt.
The legal remedy used by a mortgage lender to assume ownership of a property when the required loan payments are not made. ood Faith Estimate: An estimate of charges which a borrower is likely to incur in connection with a settlement. azard Insurance: Insurance protecting against loss to real estate caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.
The lender's remedy for a borrower's default on loan. The property is sold at a foreclosure sale, with the proceeds of the sale first being used to pay off the original note, plus unpaid, accrued interest and fees, and the lender's costs of foreclosing. Any money left over after all lenders have been paid is returned to the defaulting borrower/property owner.
The legal process wherein a borrower, in default on his or her mortgage, is deprived of his or her interest in the mortgaged property. Usually, this means a forced sale of the property, with the proceeds of the sale being used to pay the mortgage debt.
The process by which your lender sells your property at public auction to pay off your loan. Foreclosure begins when the lender records the Notice of Default. Click here for more information about foreclosure or visit our helpful resources.
A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title in the mortgage property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale, free of all encumbrances affecting the property subsequent to the mortgage. There are three general types of foreclosure proceedings: judicial foreclosure, nonjudicial foreclosure and strict foreclosure.
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually results in the selling the property by auction and the proceeds being used to service the mortgage debt.
1. (UK) The mortgagees restricted power to extinguish the mortgagor's right of redemption by transferring the mortgagor's interest in the property to himself, if the mortgagors default in paying his dues or in complying with any other terms of the mortgage deeds. 2. (USA) The legal process by which a mortgagee can sell the mortgagors interest in the property to satisfy debt: also called "foreclosure sale". Also applied to the extinguishment of a mortgagors right of redemption.
Legal process by which a mortgage lien holder repossesses a property and sells it to satisfy the loan obligation. In Georgia, the lender does not have to go to court to sue for foreclosure. We are known as a non-judicial foreclosure state which means all the lender has to do make proper notification to the defaulting mortgagor, place an ad in the local paper announcing the foreclosure proceeding and notifying other lien holders of the act.
A legal proceeding for the collection of real estate mortgages and other types of liens on real estate, which results in cutting off the right to redeem the mortgaged property and often involves a judicial sale of the property to pay the mortgage debt.
(1) The legal process through which a mortgage holder or other party with an interest in the real estate either enforces payment of the debt secured by the mortgage, or is conveyed title to the real estate that secures the debt, or both. (2) The legal procedure by which a mortgaged property is sold to satisfy the mortgage debt.
The process of taking ownership away, from a homeowner who isn't making monthly payments on time (defaulted on loan payments). The process varies from state to state but the end result is the same - if you don't make the payments on time, you lose the property. Most banks will grant a 30-60 day grace period prior to starting the process. The entire process can take an additional 60days to one year.
The process of selling a home whose owner has missed mortgage payments or failed to pay a contractor's lien. For three consecutive weeks a "notice of sale" must be published in a local newspaper and posted in a public place, usually the local courthouse.
The seizure of property as payment for delinquent tax or special assessment obligations. Ordinarily, property foreclosed is resold to liquidate delinquent tax or special assessment obligations, but on occasion governments retain possession for their own needs.
The legal process by which a borrower in default under a mortgage or deed of trust loses all rights to, and interest in, the mortgaged property. This usually involves a forced sale of the property at a public auction, with the proceeds of the sale being applied to the mortgage debt. Foreclosure can result if mortgage payments are not made on time.
The legal process where the lender takes possession of your property and sells it to cover the debts you have failed to pay off. When you default on a loan and the lender feels that you are unable to make payments, you may lose your home to foreclosure.
A legal procedure by which a lender recovers an unpaid loan balance by obtaining title to the real property offered as collateral if the borrower fails to make timely contractual principal and interest payments on the loan.
The legal process by which a borrower in default under a mortgage/deed of trust, loses their interest in the mortgaged property; This process usually involves a forced sale of the property at public auction with the proceeds of sale paying mortgage debts. Back to the top
Foreclosure is the legal process of the mortgage lender taking possession of and selling the property to attempt to satisfy indebtedness. When you default on a loan and the lender deems that you are incapable of making payments, you may lose your house to foreclosure. Being in default, however, does not necessarily lead to foreclosure. Some lenders are lenient and help you work out a solution if they see that your problems are temporary. Foreclosure is traumatic for the homeowner and expensive for the lender.
Legal procedure during which property is sold to pay off the mortgage of a defaulting borrower. As a result, the borrower is deprived of any earning any interest on the property or other funds associated with ownership of the home, when sold at public auction.
A legal procedure in which property securing a defaulted loan is sold by the lender in order to repay a borrower's loan. The amount paid by a buyer at the foreclosure may not be enough to fully repay the loan and the borrower may continue to owe the lender the difference.
Foreclosure is a court or other procedure utilized when a lender is unable to collect the money owed on a particular piece of property from the borrower. When a property goes into foreclosure, it is sold at a public auction and the proceeds of the sale are applied to the remaining loan amount.
When a homeowner defaults by failing to make payments on his or her mortgage, the bank or financial institution that holds the mortgage note may foreclose on the property. Foreclosure gives the legal ownership of a property to the bank to allow the bank to recoup its investment. Foreclosure proceedings vary by state, but usually involve court appearances to ensure the foreclosure is warranted.
A termination of all rights of a mortgagor or Trustor in the property covered by a Mortgage or Deed of Trust. Statutory foreclosure is effected without recourse to courts but must conform to applicable laws.
When a debtor fails to meet his obligations to pay back a loan, the lender can take back possession of any property (such as a house) used to secure repayment for the loan. Foreclosure refers to the lender's legal action to take possession of the property. Fraud Any act or practice resulting in loss of someone's rights or property. Usually consists of making false and misleading representations with the intention of cheating another person.
A mortgagee's right to take absolute title and possession of mortgaged land in full satisfaction of the mortgage debt, extinguishing the mortgagor's equity of redemption. A right to foreclose only arises after the due date for repayment of the principal has passed (unless the terms of the mortgage permit the remedy to be exercised on interest becoming overdue). In relation to Torres title, by state a mortgagee may apply for a foreclosure order to the Registrar-General if certain conditions are met.
Method of enforcing payment of a debt secured by a mortgage by seizing the mortgaged property. Foreclosure terminates all rights which the mortgagor has in the mortgaged property upon completion of due process through the courts.
When a borrower is in default on a loan or mortgage, the creditor can enact a legal process to claim ownership of the collateral property. Foreclosure usually involves a forced sale of the property where the proceeds go toward paying off the debt.
The technical meaning of the word is to wipe out a right of redemption on a property. A foreclosure generally takes place when payment on a mortgage is not made. Since a borrower retains an equitable right of redemption on property (meaning he can make all back payments and retain ownership) even though there have been no present payments, it is necessary to clear the title of this potential. To do this, a lender goes to court, demonstrates the default, and requests that a date be set where the entire amount becomes payable. After which, in the absence of payment, the lender is automatically relieved of the requirement to redeem the property back to the borrower; the debtor's right of redemption is said to be forever barred and foreclosed. This cancels all rights a borrower would have in the property and the property then belongs entirely to the lender, who is then free to possess or sell the property. The word is frequently used to refer generally to the lender's actions of repossessing and selling a property for default in mortgage payments.
The legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted. When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower.
The legal process that takes place when a borrower defaults on his or her loan and is deprived of the interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the loan debt.
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property, usually through a forced sale of the property at public auction. The money from the property's sale is applied to the mortgage debt.
A legal process by which the holder of a mortgage (i.e., lender) forces a sale of a property because the borrower has failed to meet the terms of the deed of trust or mortgage. The events giving rise to a right of foreclosure and the procedure therefor are usually described in the deed of trust or mortgage.
Process by which a homeowner who has not made timely payments of principal and interest on a mortgage loses title to the home. The holder of the mortgage must follow legal procedures to seize the property, which may then be sold to satisfy the claims of the mortgage.
The legal process by which the mortgage holder (usually the bank) goes through the courts to regain possession of the property owned by someone behind on their payments. This process will have negative effects on the homeowner's credit.
The legal process by which a borrower's interest in mortgaged property is taken because of a default on the loan. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
A termination of all rights of a mortgagor in the property covered by a mortgage. Statutory foreclosure is effected without recourse to courts but must conform to applicable laws. Hazard Insurance A type of insurance bought to insure property against any losses due to fire, theft, vandalism, etc. Most land contracts require the purchaser to carry hazard insurance at all times in order to protect the Seller from insurable losses.
A termination of all rights of a mortgagor or the grantee in the property covered by the mortgage through which the debt is recovered. Statutory foreclosure is effected without recourse to courts, but must conform to laws (statutes). Strict foreclosure forever bars equity of redemption. Also see default.
the legal process to seize a property if you fail to keep up your payments. In some states, foreclosure involves a court proceeding ("judicial foreclosure"), while in others, foreclosure occurs by creditor action alone ("non-judicial foreclosure"). In Washington, creditors have the option of using either the judicial foreclosure process (for mortgages or deeds of trust) or the non-judicial foreclosure process (for deeds of trust only).
When a lender takes possession of a home and sells it in order to repay a loan in default. When a home owner can't repay (defaults on) the mortgage and negotiations for an alternative payment plan fail, the lender has no choice but to start the foreclosure process. This process varies from state to state, but in general, a foreclosure is an auction either with or without court action. The sale must be advertised in local newspapers and the highest bidder wins the home. Since the lender only bids on what's owed, a buyer can often find a good deal, especially on an older home. You still get one final chance to keep your home by paying off all delinquent costs either before the sale or in a judicial foreclosure, before the court approves the foreclosure. Having a foreclosure on your credit is serious business, often worse than bankruptcy.
An authorized procedure taken by a mortgagee or lender under the terms of a mortgage or deed of trust for the propose of having the property sold and the proceeds applied to the payment of a defaulted debt.
A legal proceeding usually initiated by the lender or creditors, involving a forced sale of a property owned by a borrower who has defaulted on payment of, or on the terms of, a loan on said property, and whereby the borrower is deprived of his or her int
Legal process in which a lender ends the borrower's interest in a property after a loan is defaulted.
When a debtor fails to meet his obligations to pay back a loan the lender A person or company that offers to lend money to a borrower for a given period of time. can take back possession of any property (such as a house) used to secure repayment for the loan. Foreclosure refers to the lender A person or company that offers to lend money to a borrower for a given period of time.'s legal action to take possession of the property.
The technical meaning of the word is to wipe out a right of redemption on a property. Generally, this is what happens when someone does not pay their mortgage. Even though there has been no payments, the borrower retains a equitable right of redemption if, some day, he or she were able to find the money and try to exercise their right of redemption. To clear the title of this potential, a lender goes to court, demonstrates the default, requests that a date be set where the entire amount becomes payable after which, in the absence of payment, the lender is automatically relieved of the requirement to redeem the property back to the borrower; the debtor's right of redemption is said to be forever barred and foreclosed. This cancels all rights a borrower would have in the property and the property then belongs entirely to the lender, who is then free to possess or sell the property. The word is frequently used to generally refer to the lender's actions of repossessing and selling a property for default in mortgage payments.
Legal action where a lender may take possession of mortgaged property where the borrower has defaulted. The borrower forfeits all rights to the mortgaged property and usually entails a forced sale to pay off debt. ift Funds Eligible money made in the behalf of a borrower towards the purchase of property. Commonly from relatives and non-profit organizations.
a legal process in which a lender enforces early payment of a mortgage in default by taking and selling the mortgaged property to repay the loan, legal costs, and other liens on the property. If you repeatedly do not make your mortgage payments on time, your lender could sell your home and evict you from it in a legal procedure called foreclosure.
(known in Britain as Repossession) Legal process by which a borrower in default under the terms of a mortgage ceases to have an interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being used to reduce or clear the mortgage debt.
The legal procedure by which a mortgage holder, whether a bank, savings and loan, or private individual, can seize the property of a borrower who has not made timely payments on a mortgage. The lender must obtain a court order to seize the property, which it may then sell to satisfy the debt.
Also known as a repossession of property, a lender has the legal right to force the sale of a mortgaged property when the borrower has defaulted on the terms of the mortgage. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
A legal remedy on default, all but obsolete in the UK. A foreclosure order caused the borrower in default to forfeit the equity of redemption (i.e. on sale, the lender would keep any profit). A foreclosure order would have to be granted by the Chancery Division of the High Court of Justice.
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."
number generated by one of the three Credit Report Agencies (Equifax, TransUnion and Experian) based on your credit history, that helps lenders predict how likely you are to pay your loans on time in the future.
is the action taken by the insurer when the policyholder fails to pay up the interest on his loan. The insurer writes off the policy before its maturity date and the surrender value is adjusted against the loan.
Identity status, described by Marcia, in which a person who has not spent time considering alternatives (that is, has not been in crisis) is committed to other people's plans for his or her life. (370)