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What is foreclosure?

Foreclosure is the legal process your lender must follow to end your ownership rights to your home if you have failed to make your mortgage payments. Mortgage lenders usually consider a mortgage to be in default if payments have not been made in three months. When a loan is in default, the lender can begin the mortgage foreclosure proceedings in accordance to the state laws where the property is located. 

A foreclosure notice is typically filed after three or four payments are missed. There is a legal time frame, which varies from state to state, which determines how long the foreclosure process can take.

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