What is foreclosure?
In your mortgage contract, you agreed that the lender can foreclose to take ownership of the house if you do not repay as agreed — this is defaulting on a mortgage. If you receive a notice indicating that they are starting foreclosure proceedings, don’t wait. Take steps to prevent a foreclosure as soon as you realize you are having trouble paying the mortgage.
If you are having difficulty making your mortgage payments, one of the most important things you can do is be proactive. Review the terms and conditions of your mortgage, learn about the foreclosure process and what may lead up to it. Use the resources on this website to assist you in working with your lender and your finances.