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Ranch-style Residence Foreclosure: A Concise Explanation McTiernan, unfortunately, lost possession of his ranch-style residence due to foreclosure. Foreclosure occurs when a borrower defaults on their mortgage payments and subsequently loses their legal right to the property. In such situations, the lender, typically a bank or financial institution, can seize and sell the residence to recover the outstanding debt. Foreclosures often have severe financial and personal consequences for homeowners.