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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 55138
Experience:  Attorney with 29 years of experience.
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WHAT IS THE DIFFERANCE BETWEEN SUEING OMEONE PAYMENTAND

Customer Question

WHAT IS THE DIFFERANCE BETWEEN SUEING OMEONE FOR NON PAYMENTAND FORECLOSURE FOR NON PAYMENT
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.

Hi. My name is ***** ***** I'm looking forward to helping you.

A foreclosure is simply the lender's action to recover the collateral that you have pledged to the lender to secure the loan. So, if you have a mortgage and it goes into default, the lender will start foreclosure proceedings to force the sale of your property which secures the mortgage to pay the loan. A suit for nonpayment is where the lender is suing the borrower personally for the monetary payment of the loan.