Owning a home is a large part of the American Dream. To make it happen, you go to the lender to buy (or refinance) property, and they make the loan for your house, condominium, townhouse, or property. The mortgage makes your property the loan collateral.

There are times, however, when you can no longer make the payments needed to keep the property in your name, potentially leading to foreclosure.

Foreclosure allows a lender to take your property and sell it when you can't make loan payments. State laws govern mortgage contracts and the foreclosure process. 

Gain a better understanding how foreclosure works with the articles below.