Foreclosure is the process of a mortgage or lien holder exercising their legal right to reclaim the property if mortgage loan is in default. The process is a complicated one and sometimes and long drawn out process. Foreclosure laws can vary by area and it's important to understand the foreclosure law of your state if you are in danger of being foreclosed upon or are an investor looking to cash in.

Foreclosure laws vary state by state and the process of a defaulting loan going into full out foreclosure differs according to your state law. Some states even offer a redemption period, in which one has a legal time period where they can repurchase their home. This is great for the homeowner and gives them kind of a last minute shot at keeping their home, however this can be a nerve wracking stumbling block for those looking to buy a foreclosure or bank owned home.

There are strict time guidelines and procedures to be followed with the courts and the lending institutions when it comes to foreclosure process. Foreclosure laws may offer you some relief and some options though, so check you state's foreclosure law before proceeding with the process or purchasing a foreclosure home of your own.