To disclose means to make information known, and a real estate disclosure statement does exactly that; it apprise potential buyers of the condition of the property. These statements are typically given once an offer has been accepted.
If you fail to make your mortgage payments, the bank or other lender can sell your house involuntarily to recover the money you owe. A lender has a right to proceed in this fashion because of the security interest you have given the lender in the form of a “mortgage” or “deed of trust."
Banks typically use foreclosure as a last resort because it is an expensive and slow process. However, banks will not hesitate to take this action if payments are not made over an extended period of time.
If you thought it was difficult sharing the colored pencils in kindergarten, it can be doubly difficult co-owning real estate, especially if that co-owner is not your spouse. Joint tenancy with a non-spouse can introduce a host of unpleasant problems should the relationship sour.