A mortgage is the transfer of an interest in real estate and improvements as security for the performance of an obligation. Often, that obligation is the repayment of a loan. Foreclosure is the legal process whereby the secured party (i.e., the lender) has the collateral (i.e., real estate and improvements) sold to satisfy the underlying obligation (i.e., loan repayment).
In our Law 101 posts, we define terms, phrases, or concepts with the goal of conveying core information in order to set the stage for more complex discussions.
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