What event typically triggers foreclosure?

Foreclosure is a legal process that occurs when a borrower fails to meet the repayment terms of their mortgage, typically due to not making the required mortgage payments. When a homeowner consistently misses these payments, the lender has the right to initiate foreclosure proceedings to recover the outstanding loan amount. This means that the lender may take possession of the property and sell it to recoup their losses.

While issues like improper property maintenance, high property taxes, and changes in zoning laws can impact homeownership, they do not directly trigger foreclosure. The primary cause of foreclosure is the borrower’s inability to make their mortgage payments, making the failure to pay mortgage payments the definitive trigger for such a situation. Understanding this helps highlight the importance of maintaining consistent payments to avoid losing one's home through foreclosure.