Foreclosure is a legal process that allows a lender to force the sale of a property in order to be repaid money. Foreclosure is a complicated area of law that is regulated by state statute.
Which type of mortgage do you have?
Sometimes a mortgage contains a “power of sale clause,” the mortgage may be foreclosed without a lawsuit. This is sometimes known as a “non-judicial foreclosure.” This means quite simply that you could lose your house without ever going to court. These are not very common, but you want an attorney to verify that you are not facing this risk
Most mortgages do not have this type of clause. If the mortgage does not contain a power of sale clause, then your lender cannot sell your house without permission from a judge. In this type, the “judicial foreclosure,” the lender files a lawsuit against the buyer and through the court process, obtains judicial permission to sell the property.