Foreclosure

The lender may attempt to recover money owing on a defaulted debt by seizing and selling the property that is subject to a mortgage through the legal process of foreclosure. As a general rule, borrowers default when they fall behind on a number of monthly payments, but they can also default when they violate other mortgage conditions.

A defaulted debt can be repaid by a lender through the legal process of foreclosure, which involves seizing possession of and selling the mortgaged property.

State-specific laws govern the foreclosure process, but generally speaking, creditors cooperate with borrowers to help them catch up on payments and prevent foreclosure.