How Does a Home Fall Into Bank Foreclosure
The foreclosure process is not as simple as the borrower simply failing to pay the monthly mortgage on time and the bank taking ownership of the property. The process varies depending on each States Foreclosure Laws, but the steps from the time a borrower starts to miss the monthly payments to the time the home falls into foreclosure are generally the same. For banks, foreclosure is the last resort toward recouping the loan that was
