# Foreclosure Agreement Contract
**This Foreclosure Agreement ("Agreement") is made and entered into as of [Date] by and between:**
**Lender:**
[Name of Lender]
[Address of Lender]
[City, State, Zip Code]
[Email Address]
[Phone Number]
**Borrower:**
[Name of Borrower]
[Address of Borrower]
[City, State, Zip Code]
[Email Address]
[Phone Number]
## RECITALS
WHEREAS, the Borrower executed a mortgage loan (the "Loan") in favor of the Lender on [Loan Date] for the property located at [Property Address] (the "Property"); and
WHEREAS, the Borrower has defaulted on the Loan payments, and the Lender seeks to initiate foreclosure proceedings on the Property.
NOW, THEREFORE, in consideration of the mutual covenants, agreements, and promises contained herein, the parties hereto agree as follows:
## 1. DEFAULT
1.1 The Borrower acknowledges and agrees that they are in default of the Loan as a result of failure to make timely payments due under the terms of the Loan, which has resulted in an outstanding balance of [Outstanding Amount].
## 2. NOTICE OF FORECLOSURE
2.1 The Lender hereby provides written notice to the Borrower of the intent to foreclose on the Property as permitted under the terms of the Loan and applicable state law.
2.2 This notice will be delivered by [Method of Delivery] to the Borrower's address as provided above.
## 3. RIGHT TO CURE DEFAULT
3.1 The Borrower shall have the right to cure the default by making the necessary payments to bring the Loan current within [Number of Days, typically 30 days] from the date of the Notice of Foreclosure.
3.2 If the Borrower fails to remedy the default within the designated time frame, the Lender may proceed with foreclosure in accordance with applicable laws.
## 4. JUDICIAL FORECLOSURE
4.1 If the Borrower does not cure the default, the Lender may initiate judicial foreclosure proceedings to recover the amount due under the Loan by filing a complaint in the appropriate court.
4.2 The Borrower shall be responsible for all costs associated with the foreclosure proceedings, including, but not limited to, attorney fees, court costs, and other related expenses.
## 5. WAIVER OF DEFENSES
5.1 The Borrower waives any defenses to the foreclosure proceedings, including, but not limited to, improper service of notice or any claim arising out of the Loan agreement.
## 6. GOVERNING LAW
6.1 This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
## 7. ENTIRE AGREEMENT
7.1 This Agreement constitutes the entire understanding between the parties relating to the subject matter herein and supersedes all prior agreements and understandings, whether oral or written.
## IN WITNESS WHEREOF, the parties hereto have executed this Foreclosure Agreement as of the date first above written.
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**LENDER:**
_________________________
[Name of Lender]
Date: _______________
**BORROWER:**
_________________________
[Name of Borrower]
Date: _______________
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**Disclaimer:** This document is for informational purposes only and does not constitute legal advice. It is advisable to consult with a qualified attorney before entering into any legal agreement.