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Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership of the property securing the loan. The foreclosure process begins when a borrower defaults on loan payments and the lender files a public default notice. The following charts (data reported by RealtyTrac, Irvine, California) show foreclosure filings – taken to be the total of default notices, auction sale notices, and bank repossessions – for the latest twelve months and eight quarters.
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