<\/span><\/h2>\n1. Missed payments:<\/b> The foreclosure process typically begins when a borrower misses several mortgage payments.<\/p>\n
2. Notice of Default:<\/b> After missing payments, the lender sends a formal notice of default to the borrower, giving them a set period to make up the missed payments.<\/p>\n
3. Pre-foreclosure stage:<\/b> If the borrower fails to make the payments within the given period, the property enters the pre-foreclosure stage, during which the lender may file a lawsuit against the borrower.<\/p>\n
4. Auction:<\/b> If the borrower still does not resolve the default, the lender can schedule a public auction of the property to recoup the remaining balance on the loan.<\/p>\n
5. Sale:<\/b> Once the property is sold at auction, the proceeds are used to pay off the mortgage, and any remaining funds are returned to the borrower if applicable.<\/p>\n
6. Eviction:<\/b> If the new owner of the property wishes to take possession, they may have to go through the eviction process to remove the previous owner.<\/p>\n