Title: Foreclosure Basics: How It Works And What To Do To Keep Your House – Forbes Advisor
Headings: Foreclosure Basics: How It Works And What To Do To Keep Your House
Foreclosure Basics: How It Works And What To Do To Keep Your House
Foreclosure and the Coronavirus Pandemic
What Is Foreclosure?
When Does Foreclosure Begin?
Foreclosure Timeline
Do I Have to Move Out of My House When It’s in Foreclosure?
Can I Keep the Profits from a Foreclosure Sale?
Do I Owe Money if the House Sells for Less than I Owe?
Do I Owe Property Taxes When My House Is in Foreclosure?
How Can I Stop the Foreclosure Process?
How Will Foreclosure Hurt My Credit Score?
Next Up In Mortgages

Content: Here, we’ll go over the basic foreclosure process and what you can do to avoid foreclosure. Keep in mind, foreclosure procedures and laws vary by state. What Is Foreclosure? Foreclosure is when the bank or mortgage lender takes possession of property that is in default, often against the homeowner’s will. Your mortgage agreement states that if you stop making payments on your loan, the bank can reclaim the property through foreclosure. Depending on your state, the foreclosure process can be judicial or non-judicial. Some states have options for both. In a judicial foreclosure, the lender files a lawsuit to initiate a foreclosure. The borrower goes to court to fight the lawsuit; if they lose the house will go into foreclosure and can be sold at auction.