Foreclosure Process

Foreclosure is the legal process a lender uses to reclaim a property when the borrower fails to make mortgage payments. It typically begins after a few missed payments, when the lender sends a notice. The homeowner may have a chance to resolve the delinquency, but if they don't, the lender can file a lawsuit. If the court rules in the lender's favor, the property is auctioned. The homeowner may face eviction if they remain in the home after the foreclosure. This process can take several months and varies by state, often impacting the homeowner's credit score significantly.