A collateral loan is called when you owed a property after taking out a mortgage loan, In a word you may loose your home if you do not pay the amount properly. If you cant make or pay he whole amount the lender will grab your property this process called foreclosure .
Foreclosure Steps:
A. Preclosure : When you are not be able for mortgage modification then your bank will use you mortgage for preclosure. It may add more value to close or stop foreclosure on later days.
b. Auctioning : In this process your property will under process of auctioning, this will held by a local court system. After this process the new person will be the owner oh this property.
c. Filling foreclosure : In this process you mortgage company may file the for closure lawsuit after preclosure. They will give you a certain span of time to answer back to them. This is actually the prime time when you can stand for against the forclosure process and may win over it.
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