What is a Foreclosure?
Foreclosure is a legal process in which a lender attempts to recover the balance of loan from a borrower, who has stopped making payments to the lender.
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditors selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”.