What is the foreclosure process?

Foreclosure is the legal proceeding in which a lender or other secured creditor sells or repossesses a parcel of real estate property due to the owner's failure to comply the terms of the mortgage note between the lender and borrower. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien." (http://en.wikipedia.org/wiki/Foreclosure)

*Please note that this time varies slightly from case to case and region to region