foreclosures

Foreclosure occurs when a homeowner fails to make mortgage payments, allowing the lender to seize and sell the property to recover the owed debt. Typically, the process involves the lender initiating legal proceedings after missed payments, giving the homeowner a chance to catch up. If unresolved, the property is auctioned or sold by the lender. Foreclosure affects credit scores and can result in the loss of the home. It’s often a last resort for lenders, used when borrowers are unable to meet their mortgage obligations over a period of time.