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The Foreclosure Process Simplified

by juliaredstone | March 16, 2011 at 06:41 am

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Interesting information for those who still have doubts about this and the process offoreclosures. This article has step by step information on how we should act on such adelicate financial situation we face.

Foreclosure is the legal process by which the lending bank or company (“lender”) repossesses a property when the property owner (“borrower”) has defaulted on their loan. Default begins when the borrower hasn’t made a payment within 30 days of the due date. Foreclosure processes vary from state to state, so borrowers who are having difficulty making their payments should research their state’s individual requirements.