Foreclosure is a specific legal process in which a lender AKA: the Investor; attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender or holder of the note by forcing the sale of the asset used as the collateral for the loan. Formally, a mortgage lender (mortgagee), or other lien holder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).
For any legal matter involving Real Estate seek a professional the moment you think you see signs there is trouble looming before you are underwater.
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