Introduction to Foreclosure: What You Need to Know Foreclosure is a legal process that allows lenders or banks to take possession of a home when the owner fails to make mortgage payments. It’s a last resort for lenders, but it can happen if you fall behind on your payments and don’t catch up quickly enough. If you’re Facing Foreclosure, it’s important to understand what options are available to you so that you can take action before it’s…

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