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A foreclosure is a legal
action that permits a lender to acquire ownership and title from a
delinquent borrower.
When a home owner falls
behind in making house payments the bank or the financial institution,
they try to collect by sending you reminder letters, then send payment
notices and when there is no response or no payments are received the
bank is forced to take the matter further by filing a Lis Pendens notice
(or Notice of Default) with the local county office. This action
informs people in general that the borrower is now in default and
waiting for the borrower to response.
There are several foreclosure options
available to the borrower only if he/she takes the necessary action.
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