Featured Listings
1864 Pitt River Road
$1,799,000
Beautiful 4 bedroom plus den house in central area of Port Coquitlam. This bright home features large rooms throughout, cozy fireplace in the living room,...
RE/MAX Sabre Realty Group
2348 OLIVER CRESCENT
$3,388,800
Arbutus bungalow with a fully developed basement to help reduce those mortgage payments situated on a 50' x 122' south exposed lot with RS-1 zoning....
126, 2030 Marine Drive, North Vancouver. V7P1V7
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.
