What is Foreclosure? A Short Explanation of the Process!
Foreclosure is a formal legal process used to evict a homeowner from their home. Foreclosure can be done through the courts, but most commonly it happens when the homeowner doesn't make payments on their mortgage. This can happen for many reasons, including if the homeowner becomes unable to pay because of a financial crisis, if they move out of state without notifying the lender, or if they die.