What is foreclosure?
When property is mortgaged, the property is transferred to a creditor to be used as secured collateral on a loan. The individual exchanging the property for the loan becomes the mortgagor, and the creditor acquiring the property title becomes the mortgagee.

If the mortgagor defaults on the loan payments associated with the mortgage, the creditors can take legal action to enforce a mortgage against the property and prevent the mortgagor from keeping the property. This type of legal action is referred to as foreclosure.

Show All Answers

1. How do I find out if a house in the neighborhood is in mortgage foreclosure?
2. What is foreclosure?
3. Where do I file a foreclosure action?
4. What happens in foreclosure proceedings?
5. What is done prior to the foreclosure sale?
6. How do I find out about mortgage foreclosure sales?
7. May a person who is not involved in the foreclosure lawsuit bid on the property?
8. When and where are mortgage foreclosure sales held, and how are they conducted?
9. How do I cancel a sale or what if the party has filed a suggestion of bankruptcy?
10. Can anyone make an objection to the sale?
11. When is the Certificate of Title issued?
12. Do I get a clear Title?