About Foreclosure
What is foreclosure?
Foreclosure is a legal action used by a mortgage company to recover any money from a customer when the customer does not pay his or her debt in accordance with the mortgage agreement. In other words, it's the legal remedy used by a mortgage company to assume ownership of a property when the required loan payments are not made. Foreclosure obliterates otherwise good credit.
How does foreclosure happen?
Although the actual process varies from state to state, foreclosure revolves around a homeowner's inability to keep up with monthly mortgage payments. The farther behind the homeowner gets, the closer to foreclosure the homeowner becomes.
Is anyone exempt from foreclosure?
No. Everyone with a mortgage is subject to foreclosure, should non-payment become an issue.
