FORECLOSURES / REO
Home Foreclosure Process

The home foreclosure process is the process used by a lender to
repossess and sell a home when a homeowner has defaulted on the
mortgage due to nonpayment.  The home foreclosure process can result
in a sale of the home with the proceeds going to the lender to use as
payment for the debt.  The consequences can extend to the borrower’s
personal finances if the sale does not fully cover the debt as the lender
may pursue the borrower for the balance. At the outset of the home
foreclosure process the lender must send the homeowner a notice of
foreclosure listing the reason and the date of the foreclosure sale.  The
notice of foreclosure will provide the homeowner with an opportunity to
pay the balance owed on the mortgage loan, or consult a foreclosure
lawyer for an available foreclosure defense. There have been several
foreclosure defense laws passed across the United States following the
collapse of the housing market that a homeowner may qualify for.  If facing
the home foreclosure process, homeowners should immediately contact a
foreclosure lawyer and discuss a possible foreclosure defense.