Going through a foreclosure is a situation that no homeowner expects or wishes to be in. Foreclosure is the process by which lenders recover an unpaid loan. The lender will repossess the property and resell it to make up for the monetary loss. In many cases, this happens to homeowners who fail to pay their mortgage on time. While this may sound like a harsh and sudden consequence, certain processes must be followed during foreclosure, providing homeowners with some notice before their home is taken away.

The Stages of Foreclosure

The four primary stages involved in foreclosure cases are: