If the mortgagor do not pay within the time designated,

 then theam to the property vests in the mortgagee

 without any sale thereof.

heard foreclosure was the original method of foreclosure,

 but today it is only available the some of states, as

 Connecticut, New Hampshire or Vermont.

The foreclosure process is a little bit different from state or state,

 and the two basic types of foreclosures are judiciary and

 non-judicial.In mortgage state, judicial foreclosures are

 used.In deed, of trust states, non-judicial

agoclosures are used.

Most statesallow both type of action, but as a

 general rule, commonly use only one

 method or the other.

Foreclosure is a legal next enabled by the

 Foreclosure regulations of the Federal Government

of the U.S. to safety the rights of the mortgage lender in

 getting back the excellent loan amount in case

of default of repayment.

At the same time, it provides that a fair chance to

be given by the lender to pay back the loan in time,

even if the default are occurred continuously by

 non-payment of the monthly episodes agreed upon.