Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home.
A Borrower has within 20 days after a foreclosure Complaint is served to file a response. If no response is filed, a default will be entered and the foreclosure will be processed as uncontested. Generally, a foreclosure Defense strategy cannot be employed after a default is entered. An uncontested foreclosure will be processed in four (4) to six (6) months.
See graphic below.