Foreclosure

Foreclosure is the process by which a lender can recover, or repossess, a real estate property from the mortgagee (owner). If the mortgagee has defaulted on payments to the lender, the lender may begin formal foreclosure proceedings whereby the property is ultimately sold to satisfy the lien. Other parties may have a right to foreclose on a property as well. Home owner's associations, taxing authorities and other vendors may ultimately hold the right to foreclosure to satisfy their claims against a property as well.