A foreclosure happens when a homeowner defaults on their mortgage payment, and the lender, usually a bank, begins the process to sell the property in order to pay off the loan. The actual foreclosure happens at the end of this process. Since a bank cannot just kick you out of your home and sell it without going thru the legal proccess of foreclosure, the actual foreclosure process works differently depending on which state you live in.
No comments:
Post a Comment