The foreclosure process involves both state and federal law. The complex system of law regulating foreclosures seeks to create a fair and expeditious process for both the mortgagor and the financing institution.

Everyone dreams of owning their own home. Many people are lucky enough to make this dream a reality. However, a change in your financial situation can make your dream turn into a nightmare. Once you begin to fall behind on mortgage payments, you are at risk of foreclosure activity by lenders. This means that you may eventually lose the home that you love. Whether you are in foreclosure, or expect to be, it is important to understand the legal ramifications of the process.

Most home buyers enter into a mortgage agreement to further their dream of owning a home. Unfortunately, life sometimes presents unforeseen financial hardships. For some homeowners, this can lead to missed mortgage payments and possibly a foreclosure. Due to this, every homeowner should have some understanding of the foreclosure process. This knowledge will help you when you encounter financial problems that threaten your ability to make mortgage payments.