What You Need To Know About Foreclosure Laws

Foreclosure is an occurrence that no homeowner ever wants to experience, but in some unfortunate cases it can happen, leaving homeowners feeling helpless and confused. To better understand what foreclosure means and how it works, it’s important to know the basics of foreclosure laws.

Foreclosure laws determine who has the right to foreclose on a property and under what circumstances. Generally speaking, foreclosure takes place when a borrower defaults on their home loan payments for an extended period of time or fails to meet other obligations outlined in the terms of their loan agreement. In this situation, the lender then has the legal right to foreclose on the property as a way of recouping some or all costs associated with the loan. Laws also dictate specific timelines and procedures that lenders must follow during this process.

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