Foreclosure is when the lender issues a court ordered termination of a mortgagor’s property.  This will usually happen when the borrower defaults, and is unable to make their mortgage payments moving forward.  In the past 2 years we have seen the number of foreclosures sky rocket, due to sub-prime lending.   The bank will then repossess the property and sell in in an auction.

Housing Assist Coldwellbanker