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A foreclosure can affect your credit score and your ability to purchase another home. It stays on your credit report for 7 years from the date of your delinquency.

The prospect of foreclosure is likely every homeowner's worst nightmare. The thought of losing your house can be overwhelming, leaving you stressed and anxiously looking for ways to save your home.

Before the mortgage crisis of 2007–2009, buying a foreclosed home was a tricky proposition. Real estate bargain hunters had to follow auctions put on at courthouses or sift through reams of legal filings.

Foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of the mortgaged property and selling it. 

Foreclosure by judicial sale involves the sale of the mortgaged property under the supervision of a court and is available in every state. In fact, it is the required method for foreclosure sale in many states

The first legal action is the first public action required in the jurisdiction where the property is located to commence the foreclosure process…