Foreclosure Process Defined

The foreclosure process is a bank or other financial institution’s selling or repossessing a piece or parcel of an immovable property after the home or property owner has failed to make his monthly mortgage payments or to comply with the agreement between him and the lender. This agreement is called the deed of trust or mortgage. Commonly, mortgage violation is considered as a default in payment of the promissory note, secured by the property lien. Upon the completion of the process, the mortgage lender can resell the property and keep the money to pay off the mortgage including any other legal costs.