What happens in a foreclosure?
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The exact procedure varies widely, depending on state law and the terms of the contract. Generally, real estate owners are given opportunities to avoid foreclosure by setting up a payment plan, and are allowed to stay in their home during the foreclosure process. Lenders often avoid the complications of foreclosure by offering options to assist their borrowers. However, any risk of foreclosure should be discussed with a real estate attorney in order to protect the homeowner’s interest.