Understanding the Foreclosure Process More
December 16th, 2009 by admin
We often hear the word foreclosure from the news. You know that foreclosure means losing one’s home because of the failure to pay the mortgage. However, do you really know what actually happens during the painstaking foreclosure process?
Actually, foreclosure is the last step of a very long and meticulous process where the mortgage lender tries to make the borrower pay for their loan. It all starts with a pre-foreclosure. Once the first payment is missed, the lender will send a notice for late payment. If the homeowner continuously ignores the payment requests from the lender, the mortgage lender will be forced to request for the formal foreclosure process.
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