A foreclosure is a proceeding whre the mortgage of the lienholder usually a lender, gets a court ordered end of a mortgagor's right of redemption. These foreclosures usually are when a lender obtains a security interest when the mortgage can not be paid. Thse mortgages would be used to buy other properties or homes. Courts of equity are used when a borrower can not pay on the mortgage. The redemption of these properties can be used when the the court takes the property and determines it must be used to pay off the loan.

There a few different types of foreclosures. The mortgage holder usually can start foreclosure as a time related mortgage. It is usually some preiod of time after a default. There are two main types of foreclosures. One being by a juducial sale and ther other by a power of sale. Judicial foreclosure is used in every state. It is usually used when the sale of a mortbgaged property under the watch of a court. Foreclosures by power of sale is a clause ususally used in the sell of a home.

Foreclosure is a hard thing to do for a bank. It is not a thing that goes against the mortgage. It is viewed as something the bank does not usually want to do. Generally they will give the owner many chances to pay on the mortgage.