"Foreclosure is the legal process a lender uses to reclaim a property after the homeowner has missed enough mortgage payments to trigger default under the loan terms and state law.. Once the process is complete, the homeowner loses ownership of the property, and the lender typically sells it to recover the unpaid balance of the mortgage. What is pre-foreclosure? Pre-foreclosure is the first stage of the foreclosure process."
">>Read: Can You Sell a House If You Are Behind on Payments? What is the foreclosure process? While foreclosure laws vary by state, the process typically follows these steps: Missed payments: The foreclosure process usually starts after a homeowner misses several consecutive monthly payments. Notice of default (NOD) or foreclosure notice: The lender files a legal notice with the county and notifies the"
Foreclosure is a legal process where lenders reclaim a property after a homeowner misses sufficient mortgage payments and triggers default under loan terms and state law. Once completed, ownership transfers away from the homeowner and the lender typically sells the property to recover the unpaid mortgage balance. Pre-foreclosure begins after several missed payments and is recorded publicly with a notice such as a notice of default or lis pendens. During pre-foreclosure homeowners can catch up on payments, negotiate repayment plans or loan modifications, or sell the home to avoid full foreclosure. Timelines and procedures vary by state.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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