When people buy properties by taking out mortgage loans, the lender gets an ownership interest in the property. That is, the property serves as collateral. This means that if you borrow money on a house and are not able to make the mortgage payments, the lender has the legal right to take possession of your property and evict you. This process is called foreclosure.
Foreclosure is a legal process and it does not allow your lender to take possession of your property very quickly. There are four stages in the foreclosure process. All the stages or the steps are set according… Read more »