What is foreclosure?
Foreclosure is the process a lender uses to take back property after loan default.
Why it matters
It is how a lender recovers its secured debt when payments stop.
Common confusion
Foreclosure ends ownership; a short sale is a voluntary sale to avoid it.
Frequently Asked Questions
How can I avoid foreclosure?
Catch up payments, modify the loan, or pursue a short sale or deed-in-lieu.
How long does it take?
Months to over a year, depending on the state and process.
Can I buy the home back?
Sometimes during a redemption period, if your state allows it.