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What is foreclosure?  You hear about it on the news all the time but what is it really? Well, foreclosure is a process that allows a bank who back the borrower’s mortgage to recover a portion of the amount owed on that mortage by a borrower who has defaulted on a home loan.  The bank will either sell right away or take ownership (repossession) of the house and sell a little bit later to get their money back. The foreclosure process begins when the home owner skips their loan payments for some period of time (usually around 4-6 months) and the bank files a public default notice against the home owner. What happens next is this:

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1. The home owner pays off the total amount of payment skiped to get back into the good graces of the the bank and back on schedule homes in this grace period is known as pre-foreclosure.
2. The borrower sells the property to another prospective buyer during pre-foreclosure and transfer the mortgage to the new owner.  Often the new buyer can buy the property at a even bigger discount than at a the foreclosed stage because the existing owner is trying to protect his credit history.
3. A prospective owner buys the home at a public or private auction
4. Bank forecibly takes ownership of the house or real estate. The bank can take ownership through an agreement with the lender or by buying back the property at the public auction if they determine the price is a good deal.

1. pre-foreclosure (NOD, LIS) (sometime at a private auction)
2. public auction (NTS, NFS)
3. Buying bank-owned properties (REO, GOV)
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