What is a Foreclosure?

Foreclosure is what happens when a homeowner fails to pay the mortgage. 

Specifically, it's a legal process by which the owner gives up all rights to the property. If the owner can't pay off the outstanding debt, or sell the property via short sale, the property then goes to a foreclosure auction. If the property doesn't sell there, the lending institution takes possession of it.

CUMBERLAND COUNTY FORECLOSURES