What is foreclosure?

Foreclosure is a legal process in which a lender repossesses and sells a property to recover the outstanding debt owed by the borrower. It occurs when a homeowner fails to make the required mortgage payments for an extended period, usually three to six months. The lender initiates foreclosure proceedings, serving the borrower with a notice of default and commencing a lawsuit if necessary. Throughout the foreclosure process, the property may be auctioned off or sold by the lender. Foreclosure can have severe consequences for homeowners, such as eviction and significant damage to their credit score. Seeking legal assistance, like that offered by National Foreclosure Defense, can provide homeowners with guidance and strategies to potentially delay or prevent foreclosure, protecting their rights and interests.