Refinance – To repay an present loan with whichever proceeds are had from the new loan so that you can delight in a reduced interest amount.
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Foreclosure – That is a authorized process wherein collateral that's been pledged for a loan is often offered so as to repay the loan In case the borrower defaults.
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Repossess – The voluntary or forced surrender of items in the case of the consumer’s failure to pay back a loan.
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