What is a Foreclosure?
Foreclosure is a process, not an event.
When the Borrower is unable to make loan payments, usually after 3 or more missed payments, the Lender will hire a local law firm to file a Foreclosure Law Suit against the Borrower (the current owner).
The Foreclosure Process takes a minimum of 6 months and it ends with a Foreclosure Judgment, if you don't do something like a Loan Modification, Short Sale or Deed in Lieu of Foreclosure befor the Foreclosure Judgment. The Foreclosure Judgment is a non-monetary judgment and it will prevent the Borrower from getting another home loan for at least 3 years.