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Term of the Day
BusinessDictionary.com
right of foreclosure
Definition
Legal
right
of a
lender
(
mortgagee
) to
obtain
foreclosure order
on the pledged or mortgaged
property
in case the
borrower
(mortgagor)
defaults
, and thus
cancel
(foreclose) the
mortgagor's
interest
in the property.
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