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Homeowner Lorraine has not paid her mortgage for four months. Who will decide when it is time to begin foreclosure proceedings?
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Homeowner Lorraine has not paid her mortgage for four months. Who will decide when it is time to begin foreclosure proceedings?

User Jon Wilson
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1 Answer

2 votes

Answer:

The lender

Step-by-step explanation:

A foreclosure is defined as a legal action taken by a lender where the borrower has stopped making payments. The lender forces the borrower to sell an asset used as a collateral in an effort to recover the loan.

Mortgages are loans collected on real estate properties, usually provided by mortgage company.

If Lorraine has defaulted for 4 months on her mortgage payments, the lender can start foreclosure procedure against her in an attempt to recover the loan.

User KazikM
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