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Foreclosure is a very serious thing. Yes we can all pay smaller bills late, and sometimes we can neglect to pay our credit card expenses. However, these can ruin our credit ratings. With foreclosure, if you fail to pay your mortgage, you lose your house. Shelter is one of the basic needs in life, and foreclosure can take that necessity away in seconds. You need to know this in order for you to strive harder and plan ahead so as to prevent the foreclosure of your mortgaged properties.
You also need to know the technical details about foreclosure in order to determine the exact steps you need to take in order to prevent the foreclosure of your mortgaged properties. Foreclosure is a process in which a certain bank or a secured creditor sells or tries to repossess a piece of property. This occurs when the owner of the property is unable to or has failed to comply with an agreement between the lender and the borrower, which is more commonly known as a mortgage.
The violation of a mortgage is a default in the need for a payment of a promissory note, which is secured by a lien on the property. Once the foreclosure process is done, the lender has the choice to sell the property and collect proceeds to pay off the mortgage.