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Foreclosure occurs when a ____ seizes and sells a borrower's ____ after the borrower has failed to ____ the lender.

A lender, collateral, repay

A lender requires collateral for a loan and if the buyer defaults on the terms of the loan agreement, usually through failure to make payments in a timely manner, the lender can and will seize the collateral, usually the home and/or property.

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