Home foreclosure process is becoming an increasingly important area of people's lives, as more and more people are affected by the credit crunch, recession and unemployment, and find themselves at risk of losing their home. There has already been a lot of coverage in the news about the high rate of foreclosures that have seen once vibrant areas turn into ghost towns pretty quickly, and many people who have mortgages of their homes are becoming worried about the potential risk that mortgage foreclosure could have upon their personal lives and property.

When you take out a mortgage on a home or any other kind of property - whether it is a house, flat, apartment, development, office or workplace - you agree a deal with your lender - which is usually a bank or dedicated mortgage lender - to give them payments over time that will cover the cost of the property, so that eventually you will own one-hundred percent of it. It is a legal agreement which also contains other important details. The detail which concerns people who are affected by the mortgage foreclosure process is, that if you fail to make payments to your lender as was agreed, they will have the right to take ownership of your property to cover the costs. This procedure is known as the home foreclosure process, and it is becoming a major issue around the country, and indeed the world.

The specifics of the mortgage foreclosure process vary from state to state, but the general process is the same wherever you are. First, the customer misses a mortgage payment and a late notice is sent out by the bank or lender. Then the customer misses further payments, and the lender attempts to contact the customer by phone or writing to see what is wrong. If payment can not then be agreed upon between the customer and the bank then things begin to accelerate. Due to a clause which is found in nearly all mortgage agreements, the lender has the right to demand all payments at once from the customer, if they fail to stick to their monthly agreement. This means that your lender can demand the full value of your mortgage in one lump sum, plus legal fees, late fees and other general fees. If you reach this point you should already be in contact with a specialist attorney in this area.

At this point in the home foreclosure process you will be legally notified of the foreclosure and legal proceedings will start to take place with the bank or lender. Once it has gone through the courts the property will be listed for auction and sold to the highest bidder. If the property's new owner wishes, they are able to ask you to evict the premises. Remember that all of this does not happen straight away - the full home foreclosure process can take up to eight weeks, and the legal eviction process can take more on top of that.

• Home Foreclosure Process – A Complete Guide
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