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The process a lender follows to sell a property obtained when its owner has not complied with the mortgage terms. When property is sold, the original mortgage and legal costs are paid by the lender.
A class of property owned by a lender or bank that is offered for sale to the public if the property does not sell at a foreclosure auction.
A property listed for less than the seller^20s outstanding loan balance which requires approval from the seller^20s lender to be listed.