Foreclosure is a legal process taken by a lender to terminate the owner’s right to a property. This process usually occurs when the borrower stops making payments on their loan. The bank or creditor will take over the property and usually sell the property to satisfy the mortgage and any legal costs that have occurred. There are several different types of foreclosure. The most common is foreclosure by judicial sale, or judicial foreclosure. This process is available in every state and required by many. In a judicial foreclosure, the property sells under the supervision of a court. The proceeds primarily used to satisfy the mortgage amount. The process of foreclosure can be quick or lengthy depending on the type and many other factors. The process of foreclosure can vary for each state.
