Foreclosure is a last resort for lenders because it is an expensive procedure and lenders typically lose money in foreclosure proceedings. A forbearance agreement is a potential option to foreclosure if the borrower's financial difficulties are temporary. A deed in lieu of foreclosure is another option to foreclosure.
Investment dictionary. Academic. 2012.
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mortgage — mort·gage 1 / mȯr gij/ n [Anglo French, from Old French, from mort dead (from Latin mortuus ) + gage security] 1 a: a conveyance of title to property that is given to secure an obligation (as a debt) and that is defeated upon payment or… … Law dictionary
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