Every country has its own rules and regulations. Foreclosure laws are also different in different countries. When a person gets defaulted by a bank i.e he fails to pay the installment of loan then he has to face the process of foreclosure. Lender protects its self by getting a mortgage against loan. Different rules and policies are imposed by the Government and Banks regarding foreclosure. There are several stages for the homeowner to bring the amount and avoid foreclosure. After missing three to six months payments, bank issue notice of defaulter. The whole process takes about 8 to 10 months. Last stage of this process is foreclosure auction. Bank foreclosure laws are different in every state. So if you have more than one nationality then gets proper information before taking any type of loan.

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