Foreclosure Laws

Foreclosure laws are regulations that govern how lenders can seize a property when a borrower fails to repay a mortgage. Typically, the lender must follow legal procedures, including providing notice and allowing the borrower a chance to resolve the missed payments. The process varies by state but generally involves a court or non-judicial sale. The goal is to ensure fairness and transparency, giving borrowers opportunities to prevent losing their home while enabling lenders to recover debts. Foreclosure laws balance borrowers' rights with lenders’ interests, ensuring the process is conducted legally and predictably.