Selling a House in Foreclosure Explained Workflow

Step 1: Receive Foreclosure Notice

Type: Create Task

In this initial stage of the foreclosure process, a notice is received by the bank or lender indicating that a borrower has defaulted on their loan. This notification triggers a series of events that ultimately lead to the repossession of the property. The foreclosure notice serves as formal documentation of the delinquent account and sets in motion the subsequent steps necessary for the lender to reclaim ownership of the property. Upon receipt of this notice, the bank's business workflow is activated, initiating a sequence of tasks aimed at repossessing the property. Key stakeholders are notified, including collection teams, attorneys, and other relevant parties involved in the foreclosure process. This step lays the groundwork for the subsequent actions that will ultimately lead to the borrower losing possession of their property due to non-payment of their loan.