Know and understand the six key steps.

A foreclosure occurs when a lender takes control over a property from a borrower who has failed to make timely payments. A foreclosure can damage your credit score and result in the loss of your home.

Foreclosed properties are often sold at a significant discount, but they're sold as is. You can find foreclosed properties for sale on online listing sites or in your local newspaper. Foreclosures may ...

If a borrower has defaulted on mortgage payments for a certain period, a property will enter preforeclosure. Preforeclosure is the crucial period when the borrower has missed sufficient payments to be ...