So… What Even Is Foreclosure?

Foreclosure is what happens when someone can’t keep up with their mortgage payments—that’s the loan they used to buy the house. When payments are missed, the bank that gave the loan can try to take the house back or sell it to someone else. That’s foreclosure.

It’s a legal process, and in New York, it usually takes a long time—often years. That means there’s time to try to fix things and figure out a plan. But when you’re living through it, it can feel fast, scary, and out of control.

Let’s break it down even more:

The Basics: How It All Starts

• When your parents bought your home, they probably took out a mortgage—a loan from a bank that helped pay for the house.

• Each month, your parents are supposed to pay back a part of that loan. If they stop making those payments, the bank can eventually start a foreclosure.

• The house is still in your parents’ names, shown on a legal document called the deed. That’s what proves they own it.

• But if they fall too far behind on payments, the bank can ask the court for permission to take the house and sell it. That sale is called a Foreclosure Auction.

What Happens After the Auction?

If someone else buys the house at the auction—or if the bank takes it back—they become the new owner. That doesn’t mean your family has to leave right away.

Instead, the new owner has to go to court and start a separate process called an Eviction, which is when they ask a judge to order your family to move out.

Evictions don’t happen overnight. Like foreclosure, it’s a legal process with rules, steps, and deadlines. Your family has rights during this part too.

The Big Picture

So here’s what to remember:

• Foreclosure is about missed payments on the mortgage.

• It’s a slow legal process, not something that happens in a day.

• Even if the house is auctioned, you still have time before anything happens.

• Eviction comes after foreclosure—and that’s another court process.

It’s overwhelming, but once you understand the steps, it feels a little less scary. And you don’t have to figure it out alone.