Understanding the ins and outs of foreclosure can be difficult. In order to defend against a foreclosure by entry and possession, though, homeowners will have to initiate a lawsuit in court and attempt to obtain a temporary restraining order. If the lender prevails, the court appoints a referee to prepare a report calculating the outstanding balance on the mortgage.
In many states, the borrower has the right of redemption (he can come up with the outstanding cash and stop the foreclosure process) up to the moment the home will be auctioned off. A notice of default is often required by …