Foreclosure is the legal process by which a lender seizes and sells a home or property after a borrower is unable to meet their repayment obligation.
Vault’s Viewpoint: ; Foreclosure is a bank process that starts when a homeowner misses several mortgage payments. This could lead to the bank reclaiming and selling the property to settle the debt. ; There are three main types of foreclosure: judicial, non-judicial, and strict foreclosure. ; The foreclosure process involves several stages, starting from missed payments to potential auctioning of the property.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews. The thought of losing your home is scary. But if you are no longer able to keep up with your monthly mortgage payments, the mortgage lender will likely pursue foreclosure. Although foreclosure is a financial situation that no one wants to face, ...
Get access to a variety of foreclosure process documents including Form JD-CV-101 Foreclosure, Motion for Possession - Connecticut, Contract for Deed (Land Contract) - Wyoming, and more. Simplify y...
Foreclosure is what happens when a homeowner fails to make mortgage payments. This article explains how the foreclosure process works.
The stages of the foreclosure process usually include default, notice of intent to foreclose, foreclosure filing and trial, notice of sale, sale of property, and eviction.
Key Takeaways A foreclosure action is a legal process initiated by a lender after a borrower defaults on their mortgage. After issuing a public notice, the lender gives the borrower a grace...
If you fail to make mortgage payments, your home may be foreclosed on. Here's what to know about the foreclosure process and how to avoid facing it.
Read about the foreclosure eviction timeline, and find out when you will most likely be evicted after a foreclosure.
The complexity of the foreclosure process can add uncertainty to an already stressful situation. We’ll show you how it works and how you can keep your house.