Glossary · Financing
What is Foreclosure?
Foreclosure is the legal process by which a lender takes possession of a home after the owner defaults on the mortgage.
Definition
When mortgage payments aren't made over an extended period, a lender can begin foreclosure to recover the money owed, ultimately selling the property. The exact process and protections vary by region.
Homeowners facing difficulty have options — including talking to their lender, refinancing, or selling — and acting early usually leads to better outcomes.
When foreclosure matters
- Understanding the risks of mortgage default
- Exploring options if you're struggling to pay
- Researching distressed-property purchases
With Homeprint
How Homeprint helps with foreclosure
Homeprint helps you stay on top of your mortgage and home finances, so you can plan ahead with confidence.
- Keep every related document in one secure place
- Track your home's value and finances over time
- Stay connected with trusted neighbourhood experts
Foreclosure — FAQ
Keep learning
Related terms
Own your home with confidence
Create your free Homeprint account and bring everything about your home together.