Foreclosure Foreclosure Terminology Default Mortgage payment must be missed Missed payments can also be to local tax authority, condo association, or homeowner’s association NOTE: A default on payment is the only way a property can enter the foreclosure process. Legal Notice The lender or foreclosing party must notify the owner that they are entering into the foreclosure process. Personal service of a document or if the owner cannot be located through publication in a legal journal. Bank Sale or Auction Date The lender or foreclosing party must notify the owner that they are entering into the foreclosure process. Personal service of a document or if the owner cannot be located through publication in a legal journal. Redemption Period Period of time in which the homeowner may present payment and reagan possession of property NOTE: Not all states have a redemption period contact us Let us know how we can serve your real estate needs
