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foreclose |
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foreclose Verb [-closing, -closed] Law to take possession of property bought with borrowed money because repayment has not been made: the banks have been reluctant to foreclose on troubled borrowers [Old French for- out + clore to close] foreclosure n
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| How much income does a taxpayer realize if he or she is insolvent and a creditor forecloses on property secured by recourse debt? Investors who are aware of a problem property before the bank forecloses should begin working with the institution during the procees of taking ownership. Pair forecloses on Convention Center lot to get cash |
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