Foreclosure is a legal process in which a lender seizes and sells a property owned by a borrower who has failed to make mortgage payments as agreed.

This usually happens when the borrower falls behind on their payments and is unable to catch up, and the lender may then initiate a foreclosure proceeding to take possession of the property and sell it in order to recover the unpaid debt.

Foreclosure can have serious consequences for borrowers, including damage to their credit rating and the loss of their homes.