What generally triggers the foreclosure process?

The foreclosure process is primarily triggered by a borrower's failure to meet the obligations set forth in a mortgage agreement, particularly the failure to make mortgage payments. When a borrower does not pay their mortgage on time, the lender may initiate foreclosure proceedings in order to recoup the outstanding amount owed. This typically involves a series of notices and the potential for the lender to take possession of the property to sell it and recover their losses.

Factors such as property value improvement, sale of the property, or transfer of ownership do not initiate the foreclosure process. Improvement in property value, for instance, usually serves to enhance the equity of a homeowner rather than leading to foreclosure. Similarly, a sale of the property or a lawful transfer of ownership could be conducted as part of normal property transactions, often offering a remedy to avoid foreclosure by paying off the debt. Therefore, the key trigger for the foreclosure process remains the borrower's default on their mortgage payments.