Foreclosures

Foreclosures can be a scary word for homeowners.

A foreclosure refers to a process in which a lending company can take back ownership (or repossess) a home because the owners have missed payments on their mortgage.

The goal of a foreclosure by a mortgage provider is to obtain any money that is still owed to them.

There are three stages of foreclosure. Not necessarily all homes going into foreclosure will have to go through all three stages, depending on whether or not the homeowner can pay the amount due.

 

• Foreclosures