Bank levies, wage garnishments, foreclosures, tax settlements, and credit problems
arise when borrowers have trouble making scheduled payments to lenders.
To foreclose is to deprive someone such as a mortgagor of the right to redeem mortgaged
property, as when he has failed in his payments. A foreclosure is a legal proceeding.
A levy is a confiscation of property, especially in accordance with a legal judgement.
Nobody likes to have their wages garnished; wage garnishments are only fun for the
parties who receive funds from such legal proceedings. Many people have credit problems.
Bank levies are imposed on unfortunate people who fall behind in their payments to lenders.
