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Foreclosure terminates the rights of homeownership of a mortgagee on the property to which the loan was assigned and is now in default. The sole ownership of the property in question is assigned to the mortgage lender.
Each day the numbers of homes in foreclosure increases. Four percent of current homes in the United States in foreclosure or is facing the possibility of foreclosure. That means that almost 5 million homes are being foreclosed upon. While a vast majority of property owners are able to avoid foreclosure, last year 10% of those homeowners were unable to make good on their loans. That means that nearly 500,000 homeowners lost their homes due to inability to make good on mortgage loans.
If a property owner is unable to make mortgage payments in a timely manner, foreclosure is initiated by the mortgage lender. A homeowner may fall behind on loan payments for many common reasons such as loss of employment, unforeseen medical bills, divorce from or death of a spouse.
Foreclosure can be employed by a lender to ensure that they receive payments on the loan often times by selling the property. This can be avoided if the borrower makes arrangements with the mortgage company to make good on any payments that are due on the loan.
Most home owners are alerted to the fact that their property is in foreclosure by a Notice of Default. A NOD is a letter demanding payment for the amount owned to the lender, letting the owner know that they may be evicted or their home may be sold if payment is not brought up-to-date. The timing of when this formal letter is sent out varies according to the laws of the state where the foreclosure is taking place; on average these are sent out then the lender has not received payment for three months.
