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What is Home Foreclosure?
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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