What It Is, How to Stop It
Foreclosure is the legal process by which a mortgage or other lien holder takes back the title to property when the loan secured by that property is in default (has not been paid according to the agreed upon terms). For instance, if you stop paying your mortgage, the bank may foreclose on – take ownership of – your home.
In the current economy, particularly in hard-hit markets where unemployment is high, foreclosures are common, as many people can no longer afford to make their mortgage payments. What they don’t realize is that they have options.
If you are facing foreclosure, you have options that may allow you to keep your home.