What is a Foreclosure

by on June 8, 2009

In simple terms:

You have NOT been making the payments on your mortgage. The financial institution that lent you the money for your home now has the ability to take the home back, as it was collateral for the loan.

There is a specific way that this is done in each state. Many people mistakenly think that they need to move out right away and leave the keys in the mail box. This is a BIG mistake!

In the state of California you have 7 months in which to resolve the situation and avoid foreclosure.

In the next post I will explain the 7 Pre-Foreclosure Steps and the 8 Steps of the Formal Legal Foreclosure Process!

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