There are many reasons why people go into foreclosure. It could be a layoff or failed business venture. Whatever the financial problems, two things are usually true. One is that a person who goes into foreclosure does not want to lose their home and have their credit ruined. The second is that lenders do not want to own foreclosed homes. Lenders are in the business of lending money, not owning homes. The first stage of foreclosure is known as Lis Pendens. During this period of time, gentle payment reminders are sent by the lender to the borrowers residence. If the borrower does not pay the amount owed, the lender's attorney files public records with the local county clerk's office and a foreclosure auction is scheduled.
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