When a borrower misses a significant number of mortgage payments (which is known as default), the lender may chose to foreclose the home—repossessing or selling it.
Mortgage lenders usually consider a mortgage to be in default when payments haven't been made in three months.
When a mortgage loan is in default, the mortgage lender can start the foreclosure proceedings of the property.
There are three types of foreclosures:
judicial foreclosure
non-judicial foreclosure
strict foreclosure
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