Examlex
In the opening vignette of Chapter 15, why was John born in a homeless shelter?
Foreclose
The legal process by which a lender takes control of a property from a borrower due to failure to meet the repayment terms of a loan.
Defaulted
Defaulted refers to the failure to fulfill an obligation, especially the failure to repay a loan on time or to meet a contractual condition, leading to possible legal penalties or loss of rights.
Equity of Redemption
The right of a mortgagor to reclaim property on which a mortgage exists by repaying the debt before a foreclosure sale.
Legal Title
The legal entitlement to possess property, safeguarded and upheld by the legal system.
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