Foreclosure Relief

When a homeowner no longer is making payments on their mortgage and defaults on their mortgage note, the lender who holds the mortgage notes has the ability to foreclose on the property. Foreclosure is the process whereby the holder of the mortgage (the lender) sells your home to pay off the loan it extended to you. A foreclosure terminates the rights of the homeowner and the home becomes the property of the lender.

 

Lenders can foreclose on property using a nonjudicial foreclosure process (outside of court) or a judicial foreclosure process (through the courts).