Foreclosures

The home foreclosure process takes place when a borrower defaults on their mortgage by not making the payments on time. The lender will then obtain and file a formal notice in court which is commonly called as Notice of Default. This indicates that they are reclaiming the property in order to recover the amount owed on the loan. Once this process has begun, the loan is now in pre-foreclosure stage and the borrower has a limited amount of time to reinstate the loan if they choose or to repay the entire amount of the loan. The amount of time for the foreclosure process has an average of six months but sometimes varies by state.