What is foreclosure?

In exchange for a loan, the lender holds a lien (a legal claim or a "hold") against a property. If the borrower does not make the stipulated payments, then the loan goes into default. The lender can then exercise the lien against the property. This is to take legal possession of the property, and then sell it to clear the debt. This process is called foreclosure.

If you are facing the spectre of foreclosure or repossession it's importantly that you find out all your options, then move quickly and decisively.

Lenders are playing a numbers game: which is more profitable; getting you out and selling the place, or waiting to see what you can come up with? With each day that passes, interest, arrears and legal fees rise, raising the odds against you.  CONTACT US.