How can lender foreclose a property?
To foreclose a property, lenders have to file a judicial lawsuit. In some states this can be done non-judicially by recording a notice of default. Every state has a reinstatement period, which can be for 21-days or even 12 months. The borrower has to resolve the problem or pay the debt within this period and if they are unable to do so then a lender can foreclose the property and put it up for auction.
