Services

In simple terms, foreclosure is where the bank or the lender recovers the owed amount by selling the mortgaged property and taking ownership simultaneously. The process of foreclosure varies from state to state. The foreclosure process usually commences when the borrower misses a monthly payment. In this case, the borrower will receive a letter indicating the missed payment. Furthermore, if the borrower misses two consecutive payments then the lender will send a demand letter. Although, the lender may still provide flexibility to arrange payments by a specific date or time. If the borrower avoids or neglects everything mentioned above then he/she receives a notice of default post 90 days.