It's when a homeowner is unable to make principal and/or interest payments on their mortgage. The lender, a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.
PRMI NMLS 3094. Branch NMLS 1192790. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act 4130403. Regulated by the Division of Real Estate. Department of Financial Institutions 109282