Foreclosure attorney Chino What does "foreclosure" mean?
Foreclosure is a legal process that a mortgage holder can use to get back the ownership rights if the borrower or mortgagor doesn't pay back the money in a certain amount of time. Many legal steps must be taken when someone gets a loan from a bank or mortgage company to buy a house. They must sign a promissory note and other documents to repay the money in instalments. On the other hand, the borrower agrees to the terms and conditions of the loan when they sign the promissory note. If the borrower doesn't pay back the money withinn the time frame, the lender has the right to repossess the property and sell it to a new borrower to get back the money. During Foreclosure, if a borrower doesn't pay one installment, the lender calls or sends a letter. They also give the borrower 15 days to make the payment. They are "in default" if the mortgagor doesn't pay on time the money they agreed to pay. Loaned money can ask a court of law to stop someone who owes money ...