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A foreclosure is the process of a financial institute obtaining a court order for the termination of a mortgage. In most cases, when a borrower receives a loan from a financial institution, the lender will receive security from the borrower by promising an asset to the lender in case of default. Usually this asset is the property in which the borrower is purchasing. When the borrower defaults on the loan, the lender looks to the courts to repossess the property.
Although foreclosure laws vary from state to state, almost every state will allow some period of redemption. Borrowers stop making loan payments for a variety of different reasons. Whether they have lost income from work, medical issues, divorce or bankruptcy, most states will allow for a certain amount of time to repair the default, before the borrower is required to vacate the premises. Financial Institutes do not like to deal in foreclosures any more than the borrower and will sometime work out deals with borrower before the foreclosure proceedings take place. The mortgage holder is aware that a foreclosure could very well cost the bank thousands of dollars in maintenance and refurbishing costs that will never be recouped.
