What is meant by mortgage foreclosure and what alternatives are there to such action?

Question

Question

Answer 1

Answer #1

ANSWER:

Mortgage foreclosure means the sale of property due to unpaid debt as per the directions of courts.

The alternatives are:

1. Restructuring of the mortgage loan.

2. Friendly foreclosure

3. Transfering the mortgage to the new owner.

4. Bankruptcy being filed with certain norms.

Answer 2

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