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Missing mortgage payments may trigger the foreclosure process, leading to potential loss of property.

After a set period, the lender may issue a public notice starting the official foreclosure process.

The period where a borrower can still rectify the default to avoid losing the property.

A public auction where the property is sold to the highest bidder to recover the amount owed by the borrower.

If the property is not sold at auction, it becomes the property of the lending institution.

The legal process by which a tenant or former homeowner is forced to leave the foreclosed property.

A court order that holds the borrower liable for the difference between the loan balance and the foreclosure sale price.

A grace period following foreclosure during which the original homeowner can buy back the property.

The process by which a homeowner may stop foreclosure by paying off the due amount before a specific deadline.