Answer:
Foreclosure: It is a legal process in which a lender cancels the borrower's right of the property through a process in the court order that is called a foreclosure order. The court gives time to the borrower to pay the loan of the property van and take hold of the property. Meanwhile, the lender becomes free to sell his property and when he sells he will apply the due amounts of the loan balance and pay all the reminders. The borrower will be liable for the rest of the payment of the property. The lender is also under the obligations that to the near fair market value.