About the Mortgage Foreclosure Process

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The mortgage foreclosure process can vary from state to state, but it's usually when a lender institutes the foreclosure to obtain ownership of the borrower's property. Avoid mortgage foreclosures by making proper payments with help from a civil mediator in this free video on foreclosure law.

Part of the Video Series: Foreclosure Help
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Video Transcript

You have recently fallen behind on the payment of your mortgage on your house and you are hearing terms like foreclosure and repossession and you want to know something about what this whole process is all about. Hello, I'm Robert Todd, and I'm here to address the question what is the mortgage foreclosure all about? Well first of all the mortgage foreclosure process may vary to some extent from state to state because each of the fifty states has their own particular laws regarding what is involved in the mortgage foreclosure process in your particular state so you want to check your own state to see what's involved. But generally speaking, this is where the lender who has loaned you money on your house which was being held as security in the legal instruments, basically you have not been paying the mortgage payment in a timely fashion and therefore you have not satisfied the debt and the lender is therefore required by law to institute the foreclosure process to obtain ownership of your property. This generally involves the sale of your property and if the sale does not produce an amount equivalent to satisfy the debt then a deficiency judgment may be entered against you. I'm Robert Todd and thank you for watching.

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