The Foreclosure Process Steps
The foreclosure process begins when the borrower fails to pay his loan installments and has already received notice of default and the mortgage lender is left with no choice but to seize the home and mortgage it for loan recovery. The mortgage lender initiates the process of foreclosure by issuing the notice of default publicly through the newspaper. This is then followed by the following: The borrower decides to repay the loan. The borrower decides to sell the property or home in the open market. The period of pre-foreclosure process ends without any repayment from the borrower. The mortgage lender takes the ownership of the home and resells it to recover the loan.
