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Foreclosure
A foreclosure is not a pleasant concept; however, it must sometimes be faced. A foreclosure is a legal action, taken by a bank, designed to force the sale of your property. This process can only occur after you have missed a payment. Although banks can technically commence foreclosure proceedings after one missed payment, they generally wait until three or four payments have been missed. The foreclosure process varies from state to state; however, every state requires that the property owners be sufficiently notified of the impending foreclosure.

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Foreclosure
Foreclosure isn't a pleasant experience, however it is a process that is sometimes faced. Foreclosure is legal action taken by a bank designed to force the sale of a financed property. This can only begin after payments have been missed. Technically banks may commence foreclosure proceedings after one missed payment, but they will usually wait until the third or fourth payments have been overlooked. The foreclosure process is different between states, but every state mandates that the owners must be given sufficient notice of the impending foreclosure.

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