Foreclosure

What it means

A legal process where a lender or the government takes a property because the owner did not pay the mortgage or the taxes. In New York, every foreclosure must go through a court — the lender has to sue, and the homeowner gets a chance to respond and negotiate. The process is slow, often 1 to 3 years, which gives time to work out alternatives like a loan modification or payment plan.

When you might hear this

You hear this when someone is losing their home — either because they fell behind on the mortgage or because property taxes went unpaid. In New York, foreclosure goes through the court system and takes time.

What to ask