Foreclosure
Foreclosure A legal process by which the lender or the seller forces a sale of a mortgaged property because the borrower has not met the terms of the mortgage. Also known as a repossession of property. When the process is complete, it is typically said that "the lender has ... more...

Default
Default Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage. You'll ... more...