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What Is Foreclosure?

Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Typically, default is triggered when a borrower misses a specific number of monthly payments, but it can also happen when the borrower fails to meet other terms in the mortgage document.

KEY TAKEAWAYS

  • Foreclosure is a legal process that allows lenders to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property.
  • The foreclosure process varies by state, but in general, lenders try to work with borrowers to get them caught up on payments and avoid foreclosure.
  • The average number of days for the foreclosure process is 673; however, the timeline varies greatly by state.
  • If you are behind on your mortgage due to a COVID-19-related financial hardship, you may be eligible to suspend payments for up to 12 months with no late fees.
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