Foreclosure is what happens when a homeowner is not able to pay for their mortgage. It’s a legal process where, specifically, the owner forfeits all rights to the property. Any outstanding debt must be paid off, otherwise a homeowner may have their home at risk for a foreclosure auction. If the property is not able to sell at the foreclosure option, the lending institution that powers the mortgage is able to take possession of the home. If you foresee yourself at risk of foreclosure, it may … [Read more...]