A legal process through which the lender forces the sale (or repossession) of a mortgaged property because the borrower has defaulted on (not met the terms of) the mortgage.
This can have an impact on your credit and may prevent someone from obtaining a mortgage for some time. I did a podcast about the mortgage guideline changes and we talk about foreclosures. You can go to the badge on the left and access the previously recorded podcast about mortgage changes.
I am a Realtor servicing Colorado Springs and the Front Range. I would love to help you buy a home or sell your current home. Look around on my blog & then visit my website: Springs LifeStyles Real Estate
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