Foreclosure is a legal process through which a lender, typically a bank or mortgage company, takes ownership of a property when the homeowner fails to make mortgage payments as agreed upon in the loan contract. When a home is in foreclosure, it means the homeowner is at risk of losing their property due to non-payment. In this comprehensive explanation, we’ll delve into the foreclosure process, what it means for homeowners, and how refinancing can potentially help. Foreclosure Process Foreclosure is a complex legal process that varies from state to state in the United States, but it generally follows these steps:…