What is the definition of mortgage foreclosure?

Answer A mortgage foreclosure occurs when a lender takes legal possession of a property because a borrower has become delinquent in his mortgage payments. It is the option of last resort for most lenders.... Read More »

Top Q&A For: What is the definition of mortgage foreclosure

Should I Let My Arm Mortgage Go Into Foreclosure?

Nurses not only work with doctors and other medical professionals, but they are often the first point of contact for patients and their families. Nurses work with patients on an intimate basis, and... Read More »

What is mortgage foreclosure ?

A mortgage foreclosure is when the lender takes back or repossesses a home when a borrower is late with payments. The time frame to start the foreclosure process can vary from lender to lender.Sign... Read More »

Can a second mortgage go into foreclosure?

Second mortgage loans, which include home equity loans and lines of credit, are secured by real property and can be foreclosed upon. Failing to make payments on a first or second mortgage can lead ... Read More »

How far behind on a mortgage can you be before foreclosure?

Due to differing laws, the foreclosure process varies between states, but can begin within three to six months of the first delinquent mortgage payment. After 30 days, an unpaid mortgage is conside... Read More »