Title: Foreclosures - How Do They Work & Relate To Debt?
Headings: Foreclosures
Foreclosures
How do Foreclosures Work?
How do Foreclosures Relate to Debt?
What Else Should I Know?
If you are thinking about going into foreclosure, there are a number of things to consider:
Bill Fay

Content: A foreclosure consists of a lender trying to reclaim the title of a property that had been sold to someone using a loan. The borrower, usually the homeowner living in the house, is unable or unwilling to continue making mortgage payments. When this happens, the lender that provided the loan to the borrower will move to take back the property. How do Foreclosures Work? People enter into foreclosure for various reasons, but it typically follows a major change in their financial circumstances. A foreclosure can be the result of losing a job, medical problems that keep you from working, too many debts or a divorce. Foreclosures often begin when the borrower stops making payments. When this happens, the loan becomes delinquent and the homeowner goes into default. The default status continues for about 90 days. During this time, the lender will get in touch with the borrower to see whether they will be able to pay the balance of the loan.