Right of Foreclosure

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Right of Foreclosure

The legal right of a mortgage lender to take ownership of a property securing a mortgage if the borrower does not meet the terms of the lending agreement. Most obviously, the right of foreclosure is exercised if the borrower does not pay the mortgage.
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If the property owner is facing foreclosure, the lender may elect to approve a short sale (and write down the deficiency owed by the property owner on the loan) in lieu of exercising its rights of foreclosure.
Foreclosure not the only option if you're 'underwater': look at long-term implications and watch for scammers

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