Foreclosure Law

Foreclosure law involves the legal process through which a lender can recover the balance of a loan from a borrower who has defaulted on their mortgage payments. When a homeowner fails to make payments, the lender may initiate foreclosure to take ownership of the property, typically through a court process or by following specific state procedures. This allows the lender to sell the property to recoup the owed amount. Homeowners facing foreclosure have certain rights, including options to negotiate, collaborate with the lender, or pursue alternatives like short sales to avoid losing their home.