A lender will typically initiate the foreclosure action when a borrower has defaulted on a loan after a certain amount of time, as specified in the mortgage documents. Very specific and detailed statutory procedural requirements apply to foreclosures and must be complied with to avoid any invalidation of a foreclosure sale. Proper notice of the foreclosure sale must be given to the debtor and to the general public, but exact procedures can vary state by state. All of the necessary steps in the foreclosure process constitute the foreclosure action.
Investment dictionary. Academic. 2012.
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