When a borrower defaults on their mortgage, the lender can foreclose on the property by forcing its sale and recovering the outstanding amount owed on the loan
If the sale of the home does not cover the amount owed to the lender, the lender may seek to obtain a deficiency judgment against the borrower to collect the remainder of what is owed.
There are two types of foreclosure: judicial foreclosure and non-judicial foreclosure.
If you are facing foreclosure, consider negotiating with your lender even if you are in the late stages of the process. This is especially true if you have evidence that the lender did not comply with the foreclosure rules of your state.
