When Can a Bank Foreclose on a Mortgage?
When Can a Bank Foreclose on a Mortgage? Foreclosure is the legal process of lenders reclaiming property when borrowers fail to make payments. It can be a frightening prospect, but knowing when and how your bank can foreclose on your mortgage can help you prepare.
The foreclosure process begins with missed payments. When borrowers do not make their mortgage payments as agreed by their loan contract, it is known as defaulting. Depending on the type of loan, there may be a grace period before foreclosure proceedings are initiated; however, if all past due amounts are not paid before the end of this period, then the lender may move forward with foreclosure proceedings.
Additionally, lenders have the right to foreclose in cases where homeowners permanently abandon or vacate the property without making any arrangement for payment or selling it themselves.
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