19 Pros and cons of getting a property foreclosure A property foreclosure is when a homeowner is unable to meet the financial obligation of its home loan or another lien in some way. Whenever they feel too far delinquent, then the creditor is also relocate to foreclose on the home given that a way to manage the debt and therefore gathered. After the foreclosure is finished, the house is one of the lender rather than the citizen. At that time, the lending company may choose to sell one to possessions so you can someone else. This control import takes place because lender forecloses on the possibly this new financial or faith deed on property, up coming seizes they.