Foreclosure is the legal process a lender takes in order to take a borrower's property back from them to satisfy a debt. The bank or lender may take ownership of the property or have it sold at the monthly foreclosure auctions. Foreclosure usually occurs because the borrower has fallen behind on their payments . As a result of the foreclosure, the borrower loses all right he or she had to the property. Foreclosure is a court process. It is possible to stop the foreclosure through a Chapter 13 bankruptcy. Contact a bankruptcy attorney to find out your rights.