|Mortgages are held by banks, institutional lenders,
and individuals. If the borrower has failed to make payment when due, a lender is permitted to file
a foreclosure lawsuit which will result in the property being sold at public auction. Borrowers can
keep the property if they can come up with sufficient funds to reinstate the mortgage by paying all
past due amount and penalties. Borrowers may wish to reinstate the mortgage, refinance the property
or sell the property to avoid being foreclosed upon. Under any scenario, the mortgage holder is entitled
to be paid in full all costs, including attorney’s fees, interest and late fees.