A home foreclosure is a process in which a financial lender, usually a mortgage company, takes possession of a property to recover the amount owed on the loan. The foreclosure process can be lengthy and usually begins when a borrower fails to make payments and the lender files a public default notice. The foreclosure process usually ends in one of the following ways:
There are many reasons for the occurrence of a foreclosure. Oftentimes it is the result of a risky mortgage or personal crisis such as job loss or medical issues. Regardless of the reason, if you are facing foreclosure, seek professional assistance immediately because the sooner you address the problem the more options and time you have to correct the situation and avoid losing your home.
Printable Foreclosure Brochure (147 KB)