Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from says Local Records Office a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
https://www.localrecordsoffices.com/

Local Records Office says, a mortgage lender (mortgagee), or lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure), says Local Records Office, read more here http://www.localrecordsoffices.net/local-records-office/

Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan, says Local Records Office. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt.

https://localrecordsoffice.com/

While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose (in plain English, immediately terminate) the equitable right of redemption and take both legal and equitable title to the property in fee simple.

Local Records Office says other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.

http://www.local-records-office.me/local-records-office/

Local Records Office says the foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust." Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property.

Local Records Office Editor. https://www.localrecordsoffices.com/

Follow us on Twitter https://twitter.com/RecordsOffice

Like us on Facebook https://www.facebook.com/localrecordsoffice

Watch us on Youtube https://www.youtube.com/user/LocalRecordsOffice