What Is Foreclosure and the Foreclosure Process?

What Is Foreclosure and the Foreclosure Process?
According to Wikipedia, “Foreclosure is the legal proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption.” (Please follow Wikipedia link for complete definition.)
In a July 2008 U.S. Foreclosure Market Report released August 14th, 2008 from RealtyTrac, a leading online marketplace for foreclosure properties, it shows: “…..foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 272,171 U.S. properties during the month, an 8 percent increase from the previous month and a 55 percent increase from July 2007. The report also shows one in every 464 U.S. households received a foreclosure filing during the month. (Read full report here).
To put it into simple language, mortgage foreclosure is the process a bank or mortgage company uses to take back ownership of your home because you have failed to make your house payments at the appointed time. You are called the creditor and are supposed to pay the installment or mortgage payment every month without fail to your mortgage lender. In case of default your mortgage is considered delinquent and proceedings would be initiated for take over of the home. Foreclosure is basically selling your property, usually by auction, terminating all your rights in that property and evicting you from the premises. To read more, click here for Over 20 Ways To Stop Foreclosure!