Foreclosure is the act of securing a deed for non-payment on a Mortgage.
As a result, if there is a Mortgage that is in default, the lender has the right to file a foreclosure action to secure the judicial sale of the property.
This is a costly and time consuming process that is not undertaken lightly by the lenders. There are ways of avoiding foreclosure, such as selling the property and refinancing the loan. If you are concerned about losing the property, you may wish to speak with a real estate/foreclosure attorney sooner rather than later. This will insure that you have all of the relevant facts in a timely fashion to assist you in your decision making.
Answered on Jan 11th, 2012 at 2:57 PM