Foreclosure

If you miss enough mortgage payments to be considered to have gone into Default, your Lender can take legal action called Foreclosure. Foreclosure is a lengthy legal process that involves the court system. In most jurisdictions, your Lender can take over your property under a legal process called Power of Sale that takes less time to complete. You will be notified by your lender, providing you the chance to bring the Mortgage back into good standing. If you are unable to do so, the Lender can sell your property to recover the money owing on your Mortgage, including principal, interest, legal fees and other charges.