Mortgage Loan Foreclosure
This workflow template illustrates activities that occur before, during and after a mortgage loan is foreclosed on, including the initial customer contact, property inspection and foreclosed property sales. Purchase and download this template in PDF and Visio (VSD) formats. You can customize it to fit your own organization, or simply use it to better understand the Mortgage Loan Foreclosure business process.
What is Mortgage Loan Foreclosure ?
Mortgage Loan Foreclosure includes a set of processes that are triggered when a borrower is 60 or more days past due on their mortgage loan payments. The foreclosure process begins with a letter sent to the borrower when their loan delinquency has reached a certain threshold - typically 60 or more days past due (60+ DPD). At that point, the borrower is presented with options to complete payment or modify their loan to avoid foreclosure. If the lender and borrower cannot reach an agreement, the property moves into foreclosure - during this time, the bank inspects the property to assess its value and condition, and prepare for sale.
Download a Sample Mortgage Loan Foreclosure
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