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Legal Title
The formal right of ownership of property, recognized and protected by law.
Forecloses
The legal process by which a lender takes possession of a property when the borrower fails to keep up with mortgage payments.
Deficiency
The lack or shortage of something, typically a necessary quantity or quality.
Liable for Payment
Being legally responsible for the settlement of a debt or financial obligation, typically as a consequence of a contract or law.
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