Foreclosure
Lending & MortgagesThe legal process where a lender seizes a property after the borrower fails to make mortgage payments.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding foreclosure helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how foreclosure impacts your specific situation.